Final answer:
The required booklet for an ARM loan is the 'Consumer Handbook on Adjustable-Rate Mortgages,' also known as CHARM, which explains the details and risks associated with an adjustable-rate mortgage.
Step-by-step explanation:
The name of the booklet required with an adjustable-rate mortgage (ARM) loan is called the "Consumer Handbook on Adjustable-Rate Mortgages," often abbreviated as CHARM. This booklet provides essential information about the nature of ARM loans, detailing how the interest rate can change over time in accordance with market rates. It is designed to help potential borrowers understand the risks and mechanics of an ARM loan before they proceed with the mortgage agreement.
The name of the booklet required with an ARM loan is the disclosure statement or the ARM disclosure. This booklet provides important information about the terms and conditions of the loan, including how the interest rate may change over time. It is provided to the borrower by the lender before the loan is finalized.