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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 5/1 ARM has a fixed rate for the first five 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 5/1 ARM is 30 years, the rate will be fixed for the first five and adjustable for the remaining 25 years. If the term on the 5/1 ARM is 15 years, the rate will be fixed for the first five and adjustable for the remaining 10 years.
In addition to 5/1 ARM loans, U.S. Bank also offers 10/1 ARM options.