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The interest rate on a 7 year adjustable rate mortgage is fixed for the seven years. Subsequently, the interest rate will start to adjust after 7 years. The loan amount can be amortized over 30, 40, or 50 years.

Advantages:

Sometimes a 7/1 ARM has lower interest rate than a 30 year fixed mortgage.

Disadvantages:

Rate can adjust upwards after 7 years.

Need help?

Determining which program is right for you can be a very difficult task. Please contact a Midwest Mortgage consultant and we will walk you through all the options and help you pick a program that fits your needs.

 

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