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How does a 10/6 ARM differ from a typical ARM?

A 10/6 ARM and 10/1 ARM have the same fixed rate period, 10 years. Once that period is over, the rate on a 10/6 ARM changes every six months. The rate on a 10/1 ARM changes every (one) year, after the 10-year fixed rate period.

How often do interest rates adjust for a 10/6 ARM?

A 10/6 ARM means that you'll pay a fixed interest rate for 10 years, then the rate will adjust every six months. Is a 10 year ARM a good idea? For example, if you plan to live in your house for eight to 10 years, taking out a 10/1 ARM (where the introductory rate lasts 10 years) is more cost-effective.

How does a 10/6 ARM loan work?

A 10-year adjustable rate mortgage, also known as a 10/6 ARM or 10y/6m ARM, is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for 10 years then adjusts every six months.

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