If you are purchasing a house in the near future, you are probably reviewing your loan options. There are plenty of choices available, and one option is an adjustable-rate mortgage, which is usually shortened to ARM. There are a lot of people who get lured in by the advertisements on ARMs, but are they right for you? There are a few important factors you need to keep in mind. Adjustable-Rate Mortgages Can Change Your Interest Rate Quickly First, an adjustable-rate mortgage can change the … [Read more...]
Pros and Cons of Adjustable Rate Mortgages
When you are in the market for a new home, you may be faced with numerous options for financing your home. One of the choices you will have to make is whether to apply for a fixed or adjustable rate mortgage. In some cases, an adjustable rate mortgage (ARM) may be your best option, but keep in mind, they are not the answer for everyone. Adjustable rate mortgages can be risky for some borrowers and it's important to understand both the pros and cons. When To Consider Adjustable Rate Mortgages … [Read more...]
Should You Consider an Adjustable Rate Mortgage For Your Home Purchase?
With mortgage rates finally looking like they may move upward a bit as the overall market improves the adjustable rate mortgage starts to come into play again. Better known as the ARM home loan, the adjustable rate mortgage can be a flexible, powerful tool, depending on how it is used. ARMs Can Help Save On Total Interest Expense When rates were higher years ago, the ARM was an alternative way to obtain financing for a home without paying as much in interest with every payment. This was ideal … [Read more...]
Need to Discuss – How to Refinance Your Adjustable-rate Mortgage with Better Terms
An adjustable-rate mortgage was once a great mortgage product, at a time when home buyers wanted to avoid locking in high interest rates. But with historically low interest rates now available to millions of buyers and rates expected to rise in 2017, lots of mortgage holders are trying to find a deal and negotiate better terms before rates go up. One great way to save on mortgage costs is to refinance your adjustable-rate mortgage. So how can you make a mortgage refinance work for you? Here are … [Read more...]