What is a usual max ceiling rate for 5/1 ARM?

[NoSleep]

Does anyone know what is usually the maximum that rate that would be in contract for a Citi 5/1 ARM,


for example the first 5 year is 3.XX%. What's the max it says in your contract that it can go to after 5 years? 9%? 12% etc?

Also interested to know the max % change per year allowed.

[troubleinriverside]

well that really depends on your contract. there is no rule of thumb. Pull out your loan docs, and look for the disclosure page

[TomEason]

NoSleep

Really?! Do you honestly believe we can tell you what provisions are contained in your note?

[rosalinda]

For that whole deck of documents. Most people don't read them all, but you should at least read the important pages...