Consider a mortgage originated with a 5-1 ARM with a 3.5 percent rate and a 30-year amortization

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Consider a mortgage originated with a 5-1 ARM with a 3.5 percent rate and a 30-year amortization period on November 9, 2016. The rate from that mortgage is 3.5 percent. The rate reset after five years at the one-year CMT + 250 bp.

Is the payment now higher or lower than the original payment?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jul 13, 2023 03:45 AM

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Consider a mortgage originated with a 5-1 ARM with a 3.5 percent rate and a 30-year amortization

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Income Tax Fundamentals 2013

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