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Mortgages & Loans

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  4. What is a five year Adjustable, with a 30 year term mortgage ?

What is a five year Adjustable, with a 30 year term mortgage ?

The loan's rate is fixed for the first five years. After that, it becomes an adjustable rate mortgage, with a 30 year term. Other variations include fixed periods of seven or 10 years before adjusting annually. Generally, this is attractive for borrowers who expect to be in the house for a short period of time.

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