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Henry County Adjustable-Rate Mortgages (ARMs) Lose Luster
 If they follow the same path home loan applicants across the nation are choosing, most Henry County mortgage applicants will continue passing up adjustable-rate offerings. As last week’s Real Estate News analysis points out, there are multiple reasons for that phenomenon.
It’s been a decade since the financial meltdown had everyone rethinking the nation’s (and their own) disposition toward the way mortgage products were viewed. The headline may have been worth a chuckle (“ARMs Don’t Have Legs”) but the history that produced it was anything but hilarious—especially for adjustable-rate mortgage borrowers who fared poorly in the financial meltdown.
Leading up to the crisis, the Mortgage Bankers Association traced a steady gain in popularity for the adjustables. From 1998-2008, the average share of adjustable-rate loans was 20%. With one in five home loan borrowers choosing the mortgages with their featured low initial interest rates, new home buyers and refinance applicants could pencil out budgets that were suddenly workable for properties they wouldn’t otherwise be able to afford—workable, that is, until the “adjustable” part came due. Many buyers made the assumption that, even if their own future fortunes didn’t grow at a pace that would allow higher monthly payments, they could always “cash out” on ... more

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