Exam (elaborations)
NMLS SAFE EXAM 2023 WITH 100% CORRECT ANSWERS
5/1 Adjustable Rate Mortgage - correct answerA 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The mo...
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