| LOAN PROGRAMS - continued |
ARM's (Adjustable Rate Mortgages) |
|
Typically a 1-year T-Bill based ARM would adjust a maximum of 2% per year and maybe 6% over the life of the loan. So if your loan started at 6.5%, the maximum it could go to next year would be 8.5%, and over the next 30 years, it would never go beyond 12.5% (a scary enough number, I recognize...) |
