Most adjustable rate loans (ARMs) offer an initial interest rate below the current market rate. This initial or “teaser” rate expires after a period called the initial rate duration, which may last months or years.
Real Estate Glossary : Terms and Definitions
Most adjustable rate loans (ARMs) offer an initial interest rate below the current market rate. This initial or “teaser” rate expires after a period called the initial rate duration, which may last months or years.
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