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Category: Financing

Adjustable rate mortgage

Another option for first time homeowners ...

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If you are buying a home for the first time, then you are wondering what type of mortgage to get. Unless you have a reliable friend, relative, or acquaintance that is going to tell you the truth, do the research on your own first.

Mortgages come on a wide variety. There are mortgages for short terms and long terms, with high interest rates and low interest rates, with exorbitant fees and less exorbitant fees, and with fixed payments and variable payments.

Deciding which one to get is important. If your funds are going to be limited for a time due to your purchase of the home, a recent wedding and honeymoon, the birth of a child, continuing education, or some other major expense, you might want to consider an adjustable rate mortgage, commonly referred to as an ARM.

The adjustable rate mortgage has a fixed interest rate for a specified term that is decided at the time the mortgage is acquired. After that time has passed, the interest rate changes according to the predetermined schedule that is assigned to the mortgage.

Typically, the rate can only change a small percentage at a time rather than a large percentage that can create a huge difference in the amount of the monthly payment. Each ARM specifies the particular increases that can be made and the circumstances that must be in place, such as the passage of time, before they can be made. (don)

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