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Adjustable-rate mortgage loans are usually referred to as ARMs. These loans are typically offered with a 30-year or 15-year term. A 10/1 ARM has a fixed rate for the first 10 years of the loan. The rate then becomes variable and adjusts every year for the remaining life of the term.
If the term on the 10/1 ARM is 30 years, the rate will be fixed for the first 10 and adjustable for the remaining 20 years. If the term on the 10/1 ARM is 15 years, the rate will be fixed for the first 10 and adjustable for the remaining 5 years.
In addition to 10/1 ARM loans, U.S. Bank also offers 5/1 ARM options.
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