|
Sign Up For Our eNewsletter, FREE!
There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU. Interest rates, zoning and tax laws, new ways to market your home and enhance its value... We can help you keep up with all the changes. As top Realtors it's our job to stay informed, and to know how to handle every buying or selling situation. Sign up for our periodic real estate newsletter, and we'll keep you up to date. It is free and without obligation...
Financing Your Home >Watch Your ARMs Length Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
|
| Q |
What are the world's most valuable chairs?
|
| A |
A pair of Chippendale chairs designed by Robert Adam sold in 1997 at Christie's, London to an anonymous buyer for $2,762,330. |
 See More Real Estate Trivia > |
|
|
Karen Spencer, American Mortgage Corporation
Call Karen at AMC to get pre qualified at 636-464-6808!
Find Out More >
|
|
- NUMBER1EXPERTS™ 
