A 5-1adjustable-rate
mortgage (ARM) has a fixed interest rate for five years.
After that, the interest rate is adjusted annually based on the value
of a specified index
on a specific date each year. A jumbo has a mortgage amount larger
than limits set by Fannie
Mae and Freddie
Mac ($333,700 this year; $500,550 in Alaska and Hawaii). More
House hunting? Our newest
guide offers advice for everything from preliminary preparations
to signing those final closing documents.
Home Buyer's Guide.
