What Is an Adjustable Rate Mortgage (ARM) â Definition, Pros & Cons. When shopping for a mortgage, you have a variety of options. Mortgages can be structured differently and many factors are negotiable, such as the interest rate, closing costs, the loanâs length, a pre-payment penalty, and a balloon payment, to name a few. One type of loan that has recently become popular is the ARM, or adjustable rate mortgage.
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