5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM),
5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM) Definition:
An adjusted 5/1 hybrid mortgage (5/1 ARM) starts with a fixed rate with an initial period of five years, after which the annual interest rate is adjusted. In this term, number 5 refers to a fixed interest rate for years and number 1 refers to the frequency (once a year) of interest rate adjustment later. As a result, monthly payments sometimes increase dramatically after five years.
- 5/1 Hybrid Adjusted Mortgages (ARMs) offer a fixed five-year introductory rate. Thereafter, the interest rate is adjusted annually.
- As per ARM, interest rates vary based on the nominal interest rate and the binding index.
- Homeowners generally benefit from lower mortgage payments during the initial period.
Literal Meanings of 5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM)
Hybrid:
Meanings of Hybrid:
Descent of two different plants or animals, ie, B a mule (a hybrid of donkey and horse)
Something that is done by mixing two different elements in a mixture.
Mixed parts, mixed in nature.
Sentences of Hybrid
A hybrid of wheat and rye
The final text is a mixture of work and film
Post-conquest hybrid Mexican culture
Synonyms of Hybrid
merger, union, combination, hybrid, blend, mingling, alloy, mixture, concoction, mixed-breed, composition, cross, coalition, brew, amalgam, cross-breed, amalgamation, compound, fusion
Adjustable:
Sentences of Adjustable
This car has a fully adjusted seat and steering wheel
Synonyms of Adjustable
multiway, accommodating, versatile, alterable, adaptable, convertible, modifiable, variable
Rate:
Meanings of Rate:
A quantity, quantity, or frequency that is usually measured in relation to another quantity or measure.
Pay a fixed price or charge something for something, especially good or service.
Scolding (someone) in anger
Sentences of Rate
They were asked to assess their abilities in various driving exercises
The show has seemed a bit unfocused in recent episodes
Synonyms of Rate
consider to be, price, value, gauge, figure, charge, put a value on, cost, judge to be, outlay, hold to be, tariff, reckon to be, calculate, compute, estimate, think to be, measure, adjudge, judge, deem to be, fare, amount, hire, find to be, assess, evaluate, appraise
Mortgage:
Meanings of Mortgage:
Designate the lender (property) as a loan collateral.
A legal arrangement under which a bank or other lender lends at interest in exchange for the allocation of the lender's property, provided the transfer of the property is canceled after the settlement of the debt.
Sentences of Mortgage
The farm is being maintained
I deposited one lakh cash and took out the rest of the mortgage
Synonyms of Mortgage
guarantee, put up as collateral, ■■■■, advance, mortgage, credit
ARM:
Meanings of ARM:
From shoulder to hand, each of the two upper extremities of the human body.
Something that is comparable to an arm in shape or action, usually something that explodes from a large structure.
A branch or department of a company or organization.
Each line rotates at an angle.
Send or send weapons.
Adjusted mortgage
Sentences of ARM
She picked up the baby
The cable attaches the ■■■■ to the steel arms attached to the top of the tower.
The political arm of the separatist group
One of the angular arms - and one of the angular arms - extends to the same degree.
Both sides were armed with grenades and machine guns
Synonyms of ARM
furnish, extension, upper limb, department, supply, satellite, forelimb, offshoot, fit up, provision, appendage, division, fit out, detachment, accoutre, branch, gird, bureau, sector, outfit