As I understand it, most ARMs never adjust up or down more than 1%/year and typically have a life-time cap of like 6% or so.I've had several ARM's. Typical terms have been no more than 2% up or down in any year with a lifetime cap of 6%. However, I've seen ARMS with higher caps and some with no caps.But I agree with everyone else. This is a function of the OP's loan, and the OP should have been given those terms when applying for the mortgage as well as in the loan documents at the closing. There are no legally imposed limits on ARM's, but all the terms are specified in the mortgage documents.
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