What Does It Mean 5 1 Arm?
What Does It Mean 5 1 Arm? A 5-year adjustable-rate mortgage (5/1 ARM) can be paid off early, however, there may be a pre-payment penalty. A pre-payment penalty requires additional interest owing on the mortgage. Can you pay off a 5’1 arm early? A 5-year adjustable-rate mortgage (5/1 ARM) can be paid off early, however,