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Each ARM has four basic components:
Some ARMs have fixed-rate conversion options. This option allows the Borrower to make his variable rate loan become a fixed-rate loan. There is usually a fee required for the conversion. The conversion rate may be higher than the prevailing fixed rate to compensate the Lender for the risk it takes in regard to market rates going up. Lenders who offer ARMs must give a disclosure about the ARM program at the time the applicant completes an application form and pays a nonrefundable fee.
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