Fixed Rate Mortgages VS. ARM (part 2)
Last time we talked about the advantages and disadvantages of Fixed Rate Mortgages, now we focus on Adjustable Rate Mortgages. We don’t know what that was here, with an A.R.M you get lower payments early on in the loan. You also learn how to refinance and take advantage of falling rates, you are at the mercy of the market and dropping rates means dropping monthly payments. This is a great opportunity for someone that isn’t planning to live in a house very long, the flip side of that means that rates and payments can rise in a relatively short period of time. Upside down A.R.M can be difficult to understand and potentially bewildered online.
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For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.
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