There are LOTS of mortgage options available for folks who are interested in buying a home. A ARM (adjustable rate mortgage) is one of them. This is as opposed to a fixed rate loan.
"Some people think that a 7/1 ARM must be paid off in seven years, but it's the interest rate that is fixed for seven years; the mortgage itself lasts for 30 years.
The interest rate can go up or down after those seven years, but 30 years is how long you have to pay back the loan." - David Reiss
Understanding all there is to know about mortgages can be tricky. But I have a network of excellent loan officers; I'd be happy to connect you with one!
Just send me a message.
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