Adjustable Rate Mortgages (ARM) from Legacy Home Finance offer a flexible loan structure where the interest rate may change over the term of the loan. Initially, ARMs feature a lower interest rate, making it easier for borrowers to qualify for a higher loan amount and purchase a more expensive home. The rate is fixed for a predetermined period ranging from 1 month to 10 years, after which it adjusts according to a specified index plus a margin. Common indices include the 1-Year Treasury Security, LIBOR, Prime Rate, 6-Month CD, and the 11th District Cost of Funds. Rate adjustments are subject to periodic and lifetime caps which provide a measure of protection against excessive interest rate fluctuations.
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