The 5/1 Hybrid ARM takes some features of a 30-year fixed loan, and some features of an adjustable rate mortgage. A typical 5/1 Hybrid ARM has a fixed rate for the first 5 years, then the loan adjusts annually. This is a great loan to use to get a lower interest rate. However, a 5/1 Hybrid ARM should only be used if a buyer believes interest rates will remain stable for 5 years. Home buyers can get into serious trouble if rates double.
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