Consumer Handbook on Adjustable Rate Mortgages

The Federal Reserve Board has put out a handbook on adjustable rate mortgages that "explains how ARMs work and discusses some of the issues that borrowers may face."

"It includes ways to reduce the risks and gives some pointers about advertising and other ways you can get information from lenders and other trusted advisers."

"Important ARM terms are defined in a glossary. And the Mortgage Shopping Worksheet can help you ask the right questions and figure out whether an ARM is right for you."

The sections above in "quotes" are taken directly from the Federal Reserve's site.

You can read it online at: http://www.federalreserve.gov/pubs/arms/arms_english.htm

Also available in Spanish at: http://www.federalreserve.gov/pubs/arms/arms_spanish.htm