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10+ Questions to ask Before Committing to an Adjustable Rate Mortgage
Ask questions if you are considering an Adjustable Rate Mortgage
 
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 the house they bought in the neighborhood and what interest rate they are paying on their home. I love to follow it up and ask what type of loan they decided would work best for them.
 
If I am told it is an ARM, I have discover not everyone knows, or remembers the details of what an ARM is so I thought it would be helpful to include a few questions you might want to ask your lender if you are shopping for an ARM.
 
Questions to ask a lender when shopping for an Adjustable Rate Mortgage (ARM)
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