You are considering a 3/5 ARM. What does the 5 represent?. . A.The number of years between adjustments in the interest rate. B.The interest rate of the initial fixed-rate loan period. C.The total number of years in the loan. D.The number of years that a fixed interest rate will be applied to the loan. .

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Question:

You are considering a 3/5 ARM. What does the 5 represent?. . A.The number of years between adjustments in the interest rate. B.The interest rate of the initial fixed-rate loan period. C.The total number of years in the loan. D.The number of years that a fixed interest rate will be applied to the loan. .

Answer:

You are considering a 3/5 ARM. The 5 represent the (B) the interest rate of the initial fixed-rate loan period. A Variable-Rate Mortgage (ARM) or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted. 3″ is the initial interest rate period and 5″ is initial rate adjustment period .

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