you have a 7/1 arm mortgage. how long before the interest rate can start changing? choose 1 answer: a after…

you have a 7/1 arm mortgage. how long before the interest rate can start changing? choose 1 answer: a after 1 year b after 5 years c after 7 years d after 10 years

you have a 7/1 arm mortgage. how long before the interest rate can start changing? choose 1 answer: a after 1 year b after 5 years c after 7 years d after 10 years

Answer

Brief Explanations:

In a 7/1 ARM (Adjustable - Rate Mortgage), the first number (7) represents the number of years during which the interest rate is fixed, and the second number (1) represents the adjustment period after the fixed - rate period ends. So the interest rate can start changing after the fixed - rate period is over.

Answer:

C. after 7 years