the loan will adjust again which is referred to as the periodic adjustment. Typically, the cap on this adjustment is less than the first adjustment cap. Many lenders set this at a maximum of 2 percentage points. The final term for the 5/1 arm is the lifetime adjustment cap. This is the amount that the interest rate can rise during the entire term of the mortgage,
Hogan Scarpe, which is typically 30 years. Many times,
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,
Nike Air Max, or 5 years. In other words, a 5/1 arm typically has the terms 5/2/5 (initial cap = 5%; periodic cap = 2%; lifetime cap = 5%). For example,
http://hoganit.webs.com/, a 5/1 arm that closes with an interest rate of 2.75% will remain fixed for the first 5 years. At the end of 5 years it can rise to a maximum of 7.75% but at no time during the term of the loan can it rise higher than 7.75%. If the interest rate rises to 5.00% after the initial adjustment,
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, then in 12 months it can rise as high as 7.00% (2 percentage points).
The change in interest rate is tied to an index that determines
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