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2/28 adjustable-rate mortgage

Type of adjustable rate mortgage (ARM) with a 2-year fixed interest rate time frame. After the two years have passed, the interest rate on the mortgage will move up or down based on an index plus a margin known as the fully indexed interest rate. These are best used for short term financing needs.

Related information about 2/28 adjustable-rate mortgage:
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    A type of adjustable-rate mortgage that has a two-year fixed interest rate period after which the interest rate on the mortgage begins to float based on an index ...
     
  2. Adjustable-Rate Mortgage (ARM) Definition | Investopedia
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  5. 2/28 Adjustable Rate Mortgage | Mortgage Reference Library
    2/28 Adjustable Rate Mortgage. A 2/28 arm is a mortgage that has a fixed rate for the first two years, and then the interest rate adjusts for the next 28 years.
     
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    3/27 Adjustable Rate Mortgage. This program is like the 2/28 Adjustable Rate Mortgage, except that the initial fixed period is 3 years instead of 2 years.