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Mortgage Documents Virginia Adjustable Rate Note ARM 52 Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (Form 3502.47)Type of InstrumentInstrument Revision Date Note1/01 (6/16)Instrument Last
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What is Virginia Adjustable Rate Note - ARM 5-2 - Single Family - Fannie Mae/Freddie Mac UNI INSTRUMENT ( 3502 Form?

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A Virginia Adjustable Rate Note is a document that outlines the terms and conditions of a mortgage loan with an adjustable interest rate.
Borrowers and lenders involved in a mortgage loan with an adjustable interest rate are required to file a Virginia Adjustable Rate Note.
To fill out a Virginia Adjustable Rate Note, both borrower and lender must provide their personal and financial information, as well as the terms of the adjustable rate loan.
The purpose of a Virginia Adjustable Rate Note is to clearly define the terms of a mortgage loan with an adjustable interest rate, including how the interest rate may change over time.
The Virginia Adjustable Rate Note must include details such as the initial interest rate, how the interest rate may adjust, any caps on rate adjustments, and the payment schedule.
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