Real Estate Law
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Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.
Yes, that's exactly what adjustable rate mortgages do. Interest rates for an ARM are directly linked to an economic index. Therefore, the interest rate, and your payments, are periodically adjusted up or down as the index changes.
You have a right to demand to see the adjustments made and ensure that they were correctly made, but it's likely that what the lender did is appropriate for this kind of loan.
Please let me know if you have any additional questions.