It is O.K. to ask questions when shopping for a loan. In fact, you should ask questions, especially if it is an Adjustable Rate Mortgage. Many people are more familiar with 30 year loans yet in today's market, I am hearing of more people interested in a 7/1 ARM or 5/1 ARM. Adjustable rate mortgage is often written or referred to as an ARM.
Being in real estate, it is not uncommon for me to be at an open house and someone will begin to tell me about … (2 comments)
Ask questions if you are considering an Adjustable Rate Mortgage
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