noun
a type of mortgage loan where the interest rate can change periodically based on changes in a specified financial index
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Many homeowners choose an adjustable rate mortgage because it offers a lower initial interest rate compared to a fixed-rate mortgage.
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I heard that an adjustable rate mortgage might be a good option for people looking to save money on their monthly payments.
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Yo, my cousin just got an ARM and now his mortgage payments are way lower.
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An adjustable rate mortgage is like a rollercoaster for your finances, with unpredictable twists and turns in interest rates.