An arm mortgage can be an excellent option for many borrowers. These type of mortgages have two portions. First, the fixed rate period of the mortgage, which affect the interest option and normally varies between 5, 7, 10, or 15 years. Second, is the amortization which is the period of time that payments are based on. Depending on the type of mortgage, the amortization varies between 25 years for most commercial mortgages and up to 30 years for most jumbo and residential mortgages.
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