The Seven Year Fixed Rate Jumbo Mortgage
The monthly interest rate for this 7/1 Seven-One ARM
Non Conforming Jumbo is fixed for an initial term of seven years. Each
year after that term, the rate will be adjusted and calculated on the
basis of the LIBOR index, plus an additional fixed margin of 2.25% to
2.75% depending on lender. The amount of rate adjustment is limited by
caps to no more than 5% at the first adjustment, 2% annually thereafter,
and 5% for the life of the loan.