A 2-28 ARM or Adjustable-Rate Mortgage is a type of adjustable-rate mortgage that has a two-year fixed interest rate period after which the interest rate on the mortgage begins to float. The loan float is based on an index plus a margin. Typically a 2-28 ARM is used as a short-term financing tool that provides borrowers with time to repair their credit before they refinance into a mortgage with lower rate terms. 2-28 ARM and 2/28 ARM are both descriptions of the same thing.
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