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Adjustable Rate Mortgage(ARM)

ARM -An Adjustible rate mortgage is a mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Adjustments may occur at different intervals depending upon the loan program. Some adjust yearly, while others may stay fixed for a term of one, three, five, seven or ten years, after which they adjust yearly. The terms, adjustment schedule, and index vary by loan program. To protect the borrower, "caps" are put into place to limit the amount of payment adjustment. For example, an adjustable mortgage might have a 5% lifetime cap, meaning the rate could never exceed 5% above the start rate.

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Colchester

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Westford

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Essex Junction

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Williston

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Shelburne

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Milton

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Monkton

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Williston

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Colchester

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