Posts from December 28th, 2010
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28
5/1 ARM Offers Best of Price and Stability
With rising interest rates, this is a great time to take a fresh look at adjustable rate mortgages (ARMs) for your purchase and refinance. These are not the exotic ARMs involved in the subprime meltdown – they are traditional, 5/1 ARMs with unbelievable rates that are in the threes today! That's more than a point lower than 30-year fixed rates. A 5-year ARM is a loan with a fixed rate for the first five years that has a rate that changes once each year for the remaining life of the loan. Because the interest rate can change after the first five years, the monthly payment may also change. A 5/1 ARM combines the best features of adjustable and fixed rate products. It delivers a very low interest rate and therefore, a lower monthly payment typical of ARMs. But the five-year rate lock gives homeowners the stability and predictability of fixed payments that will not increase in the near future. For th...
