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 Or you reside in Austria, Greece, Italy, Portugal, or Spain where ARMs are common 
 ARMs are common in the US. Just ill-advised for this exact reason. If you cannot qualify for a FRM in the US better to not get a mortgage at all. 
 Common for people who are ignorant about the danger 
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 Your financial privilege is showing. Some jurisdictions have much less choices than affluent western regions. 
 Show me one country where banks offer variable rate mortgages ONLY