{"id":5661,"date":"2022-05-31T23:56:04","date_gmt":"2022-06-01T04:56:04","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5661"},"modified":"2022-06-01T21:44:00","modified_gmt":"2022-06-02T02:44:00","slug":"the-abcs-of-arms-how-adjustable-rate-mortgages-work","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/money-matters\/the-abcs-of-arms-how-adjustable-rate-mortgages-work","title":{"rendered":"The ABCs of ARMs: How Adjustable-Rate Mortgages Work"},"content":{"rendered":"\n<div style=\"color:#32373c\" class=\"wp-block-genesis-blocks-gb-drop-cap drop-cap-letter gb-font-size-3 gb-block-drop-cap\"><div class=\"gb-drop-cap-text\">\n<p id=\"htoc-call-it-a-2000s-comeback-we-have-bucket-hats-bennifer-and-adjustable-rate-mortgages-we-re-currently-object-object-the-highest-since-the-object-object-after-which-they-all-but-disappeared-but-why-now-what-s-changed\">Call it a 2000s comeback: We have bucket hats, Bennifer and \u2026 adjustable-rate mortgages? We\u2019re currently <a href=\"https:\/\/www.nbcnews.com\/business\/consumer\/adjustable-rate-mortgages-make-comeback-risks-homebuyer-interest-rates-rcna27527\" target=\"_blank\" rel=\"noreferrer noopener\">seeing a huge surge in adjustable-rate mortgages (ARMs)<\/a> \u2013 the highest since the <a href=\"https:\/\/www.federalreservehistory.org\/essays\/great-recession-and-its-aftermath\" target=\"_blank\" rel=\"noreferrer noopener\">Great Recession in 2007-2009<\/a>, after which they all but disappeared. But why now? What\u2019s changed?&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<p>\u201cPre-crisis, a range of other variable-rate loan products were all being offered widely to consumers with little to no advisory,\u201d notes Robert Heck, Vice President of Mortgage at Morty. \u201cMany people have been understandably skeptical of ARMs since then, but there are much more stringent regulations in place today that have been created to protect homebuyers.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li id=\"htoc-adjustable-rate-mortgages-arms-have-surged-in-popularity-reaching-their-highest-numbers-since-the-great-recession1\">Adjustable-rate mortgages (ARMs) have surged in popularity, reaching their highest numbers since the Great Recession.<\/li>\n\n\n\n<li id=\"htoc-recent-volatility-in-the-housing-market-has-made-arms-an-attractive-option-for-borrowers-seeking-low-initial-interest-rates1\">Recent volatility in the housing market has made ARMs an attractive option for borrowers seeking low initial interest rates.<\/li>\n\n\n\n<li id=\"htoc-while-better-regulated-than-they-once-were-arms-still-carry-risk-borrowers-could-wind-up-paying-more-than-they-would-on-a-fixed-rate-mortgage-over-time1\">While better regulated than they once were, ARMs still carry risk: Borrowers could wind up paying more than they would on a fixed-rate mortgage over time.<\/li>\n<\/ul>\n\n\n\n<p>And if you\u2019re simply wondering, \u201c<a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/homebuyers-guide-decoding-mortgage-acronyms\" target=\"_blank\" rel=\"noreferrer noopener\">What even <em>is<\/em> an ARM<\/a>?\u201d, don\u2019t sweat it: We\u2019ll cover the basics of ARMs, including the different types of adjustable-rate mortgages, common loan terms, and the difference between the LIBOR and SOFR indexes. Then, we\u2019ll explain why we\u2019re all suddenly \u201cup in ARMs\u201d and how you can determine whether ARMs are right for you.<\/p>\n\n\n\n<p>So roll up your sleeves, and let\u2019s dive in!<\/p>\n\n\n\n<div class=\"wp-block-ht-block-toc  is-style-outline htoc htoc--position-wide toc-list-style-plain\" data-htoc-state=\"expanded\"><span class=\"htoc__title\"><span class=\"ht_toc_title\">Table of Contents<\/span><span class=\"htoc__toggle\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\"><g fill=\"#444\"><path d=\"M15 7H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><path d=\"M15 1H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1zM15 13H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><\/g><\/svg><\/span><\/span><div class=\"htoc__itemswrap\"><ul class=\"ht_toc_list\"><li class=\"\"><a href=\"#htoc-how-does-an-adjustable-rate-mortgage-work\">How does an adjustable-rate mortgage work?<\/a><\/li><li class=\"\"><a href=\"#htoc-types-of-arms-and-how-to-read-them\">Types of ARMs and how to read them<\/a><\/li><li class=\"\"><a href=\"#htoc-arms-cap-structures\">ARMs cap structures<\/a><\/li><li class=\"\"><a href=\"#htoc-the-abcs-of-arms\">The ABCs of ARMs<\/a><\/li><li class=\"\"><a href=\"#htoc-why-arms-are-back-in-style\">Why ARMs are back in style<\/a><\/li><li class=\"\"><a href=\"#htoc-making-your-decision\">Making your decision<\/a><\/li><\/ul><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-how-does-an-adjustable-rate-mortgage-work\">How does an adjustable-rate mortgage work?<\/h2>\n\n\n\n<p>An ARM, also known as a variable-rate mortgage, is a type of loan where the <strong>interest rate will change at regular intervals<\/strong> to reflect the most current market conditions. This differs from your typical 30-year fixed-rate mortgage, in which you lock in a single rate based on the market conditions at the time of your home purchase.<\/p>\n\n\n\n<p>Perhaps the biggest advantage of an ARM is that it offers a <strong>lower rate up front<\/strong> during the initial fixed period before your rate becomes variable \u2013 a potentially great option if you\u2019re purchasing a home when mortgage rates are high.&nbsp;<\/p>\n\n\n\n<p>But ARMs also carry the uncertainty of not knowing exactly how much you\u2019ll pay over the life of your loan. It can feel too risky for borrowers who prefer the stability of a fixed-rate mortgage. It\u2019s worth noting that some of the risk is offset by caps that limit how much your rate can ultimately increase.&nbsp;<\/p>\n\n\n\n<p>But a limited risk is still a risk. Depending on the terms of your loan, you could end up paying significantly more over 30 years. All ARMs function on a 30-year amortization schedule, meaning it will still take 360 months to pay off (regardless of changes in rate).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-types-of-arms-and-how-to-read-them\">Types of ARMs and how to read them<\/h2>\n\n\n\n<p>When you\u2019re in the market for an ARM, you\u2019ll first have to pick between three different types:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li id=\"htoc-traditional-arms-adjust-their-rates-on-a-periodic-basis-most-change-rates-every-year1\"><strong>Traditional ARMs<\/strong> adjust their rates on a periodic basis. Most change rates every year.<\/li>\n\n\n\n<li id=\"htoc-hybrid-arms-are-the-standard-by-and-large-and-combine-aspects-of-a-fixed-mortgage-and-arms-they-ll-begin-with-a-fixed-period-followed-by-an-adjustment-period-where-rates-change-on-a-regular-basis1\"><strong>Hybrid ARMs <\/strong>are the standard by and large, and combine aspects of a fixed mortgage and ARMs. They\u2019ll begin with a fixed period, followed by an adjustment period where rates change on a regular basis.<\/li>\n\n\n\n<li><strong>Options ARMs<\/strong> give borrowers the choice of three different payment amounts:\n<ul class=\"wp-block-list\">\n<li id=\"htoc-a-fully-amortized-payment-a-full-installment-which-reduces-the-total-loan-amount1\">A fully amortized payment (a full installment, which reduces the total loan amount).<\/li>\n\n\n\n<li id=\"htoc-a-flat-partially-amortizing-payment-not-a-full-installment-which-causes-the-loan-amount-to-grow1\">A flat, partially amortizing payment (not a full installment, which causes the loan amount to grow).<\/li>\n\n\n\n<li id=\"htoc-a-monthly-interest-payment-in-which-only-the-interest-is-paid-keeping-the-loan-amount-the-same1\">A monthly interest payment in which only the interest is paid (keeping the loan amount the same).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p>If you opt for a typical hybrid ARM, you\u2019ll find yourself selecting from what seem like confusing fractions at first glance: 7\/1, 5\/6, etc. This \u201cX\/Y\u201d format is essentially the \u201cstructure\u201d of your ARM, consisting of your fixed loan time frame and your readjustment period.&nbsp;<\/p>\n\n\n\n<p><strong>Time frames<\/strong> refer to the length of the fixed-rate part of your loan. Time frames are most often five, seven or 10, as indicated by the first number \u2013 5\/1 ARM, 7\/1 ARM, 10\/1 ARM, etc. However, ARMs also exist in three-year and sometimes 15-year fixed-rate periods, as well.<\/p>\n\n\n\n<p>Their natural pair is the <strong>readjustment period<\/strong>, which is how often your rate can change once your fixed term has ended. The readjustment period is typically every six months or every year. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li id=\"htoc-an-arm-with-a-seven-year-fixed-period-followed-by-a-variable-period-that-readjusts-every-six-months-is-a-7-6-arm-type1\">An ARM with a seven-year fixed period followed by a variable period that readjusts every six months is a 7\/6 ARM type.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-an-arm-with-a-five-year-fixed-period-and-a-readjustment-period-of-one-year-is-a-5-1-arm1\">An ARM with a five-year fixed period and a readjustment period of one year is a 5\/1 ARM.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-arms-cap-structures\">ARMs cap structures<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"530\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/ARMs-info-1024x530.png\" alt=\"2\/1\/5 ARMs explained for mortgage loans\" class=\"wp-image-5662\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/ARMs-info-1024x530.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/ARMs-info-300x155.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/ARMs-info-768x398.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/ARMs-info.png 1201w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>To help offset risk, ARMs have caps, structured as three numbers with two slashes in what looks similar to a calendar date \u2013 say, an ARM with a 2\/1\/5 cap. The cap is comprised of three maximum percentages:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li id=\"htoc-initial-cap-the-first-number-indicates-the-maximum-percentage-your-loan-can-go-up-or-down-during-the-initial-adjustment-period-after-your-fixed-rate-time-frame-ends1\"><strong>Initial cap:<\/strong> The first number indicates the maximum percentage your loan can go up or down during the initial adjustment period after your fixed-rate time frame ends.<\/li>\n\n\n\n<li id=\"htoc-periodic-cap-the-second-number-indicates-the-maximum-percentage-your-loan-can-go-up-during-any-subsequent-adjustment-periods1\"><strong>Periodic cap:<\/strong> The second number indicates the maximum percentage your loan can go up during any subsequent adjustment periods.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-lifetime-cap-the-third-number-indicates-the-maximum-percentage-your-loan-can-go-up-or-down-over-the-entire-life-of-your-loan1\"><strong>Lifetime cap: <\/strong>The third number indicates the maximum percentage your loan can go up or down over the entire life of your loan.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As another example, say John has a 5\/6 ARM type with a fixed rate of 4% and a 2\/1\/5 cap. That means:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li id=\"htoc-john-s-rate-will-be-4-for-the-first-five-years1\">John\u2019s rate will be 4% for the first five years.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-after-that-his-rate-will-adjust-every-six-months1\">After that, his rate will adjust every six months.<\/li>\n\n\n\n<li id=\"htoc-during-the-first-readjustment-period-his-rate-can-change-as-much-as-2-in-either-direction-it-could-go-as-high-as-6-or-as-low-as-2-depending-on-current-market-conditions1\">During the first readjustment period, his rate can change as much as 2% in either direction; it could go as high as 6% or as low as 2%, depending on current market conditions.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-for-every-subsequent-adjustment-period-his-rate-can-change-as-much-as-1-up-or-down-from-where-it-ended-up-after-the-preceding-readjustment-period1\">For every subsequent adjustment period, his rate can change as much as 1% \u2013 up or down \u2013 from where it ended up after the preceding readjustment period.<\/li>\n\n\n\n<li id=\"htoc-finally-with-a-5-lifetime-cap-john-s-rate-will-never-go-higher-than-9-at-any-point-during-the-life-of-his-loan-regardless-of-current-market-conditions1\">Finally, with a 5% lifetime cap, John\u2019s rate will never go higher than 9% at any point during the life of his loan, regardless of current market conditions.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-in-theory-a-5-lifetime-cap-would-also-prevent-his-original-4-rate-from-dipping-below-0-at-any-point-but-a-0-or-negative-rate-isn-t-possible1\">In theory, a 5% lifetime cap would also prevent his original 4% rate from dipping below 0% at any point \u2013 but a 0% or negative rate isn\u2019t possible.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-the-abcs-of-arms\">The ABCs of ARMs<\/h2>\n\n\n\n<p>Now we\u2019re a perfect 10\/10 with types \u2013 but how are the rates for ARMs actually calculated?&nbsp;<\/p>\n\n\n\n<p>When the fixed period ends and it\u2019s time for your ARM to adjust, lenders use <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/for-an-adjustable-rate-mortgage-arm-what-are-the-index-and-margin-and-how-do-they-work-en-1949\/#:~:text=The%20margin%20is%20the%20number,the%20particular%20lender%20and%20loan\" target=\"_blank\" rel=\"noreferrer noopener\">the <strong>index<\/strong> and the <strong>margin<\/strong><\/a> to calculate the changes to your rate for each adjustment period.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li id=\"htoc-the-index-is-a-benchmark-interest-rate-that-reflects-current-economic-conditions1\">The index is a benchmark interest rate that reflects current economic conditions.&nbsp;<\/li>\n\n\n\n<li id=\"htoc-the-margin-is-the-number-of-percentage-points-your-lender-adds-to-the-index1\">The margin is the number of percentage points your lender adds to the index.<\/li>\n<\/ul>\n\n\n\n<p>Together, these components combine to form your<strong> fully indexed rate<\/strong>, which then becomes factored into your mortgage\u2019s total monthly payment.<\/p>\n\n\n\n<p>There are different indexes your lender can decide to use when you apply for a loan, and the index they choose won\u2019t change after closing. Similarly, the margin your lender proposes won\u2019t change after closing, either.<\/p>\n\n\n\n<p>So these beg the question: What benchmarks do lenders base their rates on?&nbsp;<\/p>\n\n\n\n<p>For a long time, the go-to benchmark was <strong>LIBOR, <\/strong>the London Interbank Offered Rate. But <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/secured-overnight-financing-rate-sofr\/\" target=\"_blank\" rel=\"noreferrer noopener\">charges of bankers manipulating LIBOR rates<\/a> prompted regulators to find a new benchmark (more on predatory lending practices that preceded the Great Recession below).&nbsp;<\/p>\n\n\n\n<p>Instead, lenders now look primarily to <strong>SOFR,<\/strong> the Secured Overnight Financing Rate. SOFR is considered to be much more resistant to manipulation because it\u2019s based on real-life financial transactions.<\/p>\n\n\n\n<p>\u201cOnce an ARM\u2019s fixed-rate period ends, it&#8217;s the SOFR index that typically determines the rate of interest for a borrower in the majority of offerings,\u201d Heck says. \u201cThis is important for consumers to understand before selecting an ARM, as it\u2019s this index that will dictate how their rate changes in the future.\u201d&nbsp;<\/p>\n\n\n\n<p>So what are the implications of SOFR for you, the borrower? The loans tend to have more frequent readjustment periods and tighter interest rate caps and carry a readjustment period of six months rather than one year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-why-arms-are-back-in-style\">Why ARMs are back in style<\/h2>\n\n\n\n<p>So now you know a bit more about how ARMs work \u2013 but why are people getting them?<\/p>\n\n\n\n<p>First off, it\u2019s important to note some key differences between ARMs before and after 2008. Before the Great Recession, predatory lending practices were applied to ARMs that a host of current regulations no longer allow.&nbsp;<\/p>\n\n\n\n<p>A wide range of other variable-rate loan products \u2013 interest-only, balloon payments, negative amortization, for example \u2013 were all being offered widely to consumers with little to no guidance on how the structure of their loans would impact future payments.<\/p>\n\n\n\n<p>Current buyers are also in a better position financially than they were 14 years ago \u2013 removing some of the inherent risk associated with ARMs in the first place. To top it all off, <a href=\"https:\/\/www.cnbc.com\/2022\/05\/18\/weekly-mortgage-demand-from-homebuyers-tumbles-12percent.html\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates have steadily begun to rise from historic lows<\/a> reached during the pandemic \u2013 a disappointing turn of events for anyone months (or even years) into their housing search.&nbsp;<\/p>\n\n\n\n<p>So for many recent buyers, an ARM offers a chance to access lower rates than conventional mortgages would, allowing them to get a rate closer to one that may have been available just a few months ago. Knowing that rate is temporary, these same buyers may plan to refinance or sell their home after a few years, avoiding their ARM\u2019s variable-rate period and paving the way to homeownership at a lower interest rate \u2013 even if only temporarily.&nbsp;<\/p>\n\n\n\n<p>As a result, ARMs still aren\u2019t without risk, but they are a<strong> <\/strong>far better-regulated option and a more compatible financing solution with today\u2019s conditions than before.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-making-your-decision\">Making your decision<\/h2>\n\n\n\n<p>ARMs may be having a moment, but that doesn\u2019t necessarily mean they\u2019re right for you.<\/p>\n\n\n\n<p>If you\u2019re considering buying a home but aren\u2019t sure how to choose between adjustable rates and fixed rates, here\u2019s a quick comparison to help you understand their differences:&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-background\" style=\"background-color:#faf7f3\"><tbody><tr><td><\/td><td><strong>Fixed-rate mortgage<\/strong><\/td><td><strong>Adjustable-rate mortgage<\/strong><\/td><\/tr><tr><td>  <strong>Rates<\/strong><\/td><td>Locked in at time of purchase <br>based on market conditions<\/td><td><br>Lower initial rate with regular adjustments after the fixed period to reflect market conditions<br><br><\/td><\/tr><tr><td>  <strong>Risk\/reward<\/strong><\/td><td><br>More stability and predictability for the life of the loan<br><br><\/td><td><br>Possibly a better deal upfront, but carries risk of paying more later on<br><br><\/td><\/tr><tr><td>  <strong>A good option to<\/strong>   <strong>consider if \u2026<\/strong><\/td><td><br>You\u2019re unsure of your future <br>plans or feel strongly that rates will only continue to move upward<br><br><\/td><td><br>You\u2019re planning to sell or refinance within a couple of years or think rates may go down in the future<br><br><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>For those who <strong>prefer stability<\/strong> and don\u2019t want to make any refinancing decisions in the future regarding their homes, a fixed-rate mortgage would probably be the best fit.&nbsp;<\/p>\n\n\n\n<p>Borrowers <strong>comfortable with the risks<\/strong> of future market volatility and those who want to lock in a low rate early and sell or refinance their home after a few years <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/the-morty-report-up-in-arms\" target=\"_blank\" rel=\"noreferrer noopener\">might find exactly what they\u2019re looking for in ARMs<\/a>.&nbsp;<\/p>\n\n\n\n<p>\u201cHomebuyers should approach ARMs with some degree of caution \u2013 they\u2019re a more complex option than a fixed-rate mortgage,\u201d Heck says. \u201cThe bottom line is that it depends on a number of factors, and shopping around to understand all of your loan options is a smart way to assess the risk for your individual situation.\u201d&nbsp;<\/p>\n\n\n\n<p>Recent market movement may pressure you to make a loan type decision early, but there are few purchases more important than a home \u2013 take time to weigh all of your options!<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ffe2af\"><strong>Want to see your personalized loan options? <\/strong>Whether you\u2019re considering an ARM or a fixed-rate mortgage, Morty has your back! Get started by exploring our marketplace for mortgage rate options that best fit your needs.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:25% auto\"><figure class=\"wp-block-media-text__media\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"1080\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/rates-1x1-1.png\" alt=\"\" class=\"wp-image-8885 size-full\"\/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-large-font-size\">Want to know what you can afford?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/mortgage-rates\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">VIEW Mortgage RATES<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cPre-crisis, a range of other variable-rate loan products were all being offered widely to consumers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[6,28],"tags":[79,264,547,564],"series":[],"class_list":["post-5661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-101","category-money-matters","tag-first-time-homebuyers","tag-loan-types","tag-mortgage-basics","tag-mortgage-rates"],"acf":[],"yoast_head":"<!-- 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