A 5-1 Jumbo ARM refi is
an adjustable-rate
mortgage (ARM) that 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).
