The 3 year arm (adjustable rate mortgage), much like the 2 year ARM is ideal for people that are either attempting to fix their credit or looking to take advantage of the low short term fixed rate that comes with this mortgage program. If you plan on selling within 3 years, it would behoove you to know that often times short term fixed mortgages often have more competitive interest rates, than say your typical thirty year mortgage, thus saving you money.

The 3 year ARM is amortized over 30 or 40 years depending on your financial needs and qualifications. It is sometimes a good idea to refinance into a longer term or sell your home at the end of the fixed period for this loan because of the potential to adjust after 3 years.

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