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When You Should Finance with an Adjustable Rate Mortgage Work 

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Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

 

There are many situations when financing with an ARM may be a great choice.

 

If you are likely to relocate or move to another home during the fixed-rate period of the ARM, it’s a great opportunity to take advantage of a lower interest rate with low risk. The average length of time American homeowners lived in their home before putting it up for sale in 2021 was six years and three months. If you financed your home with a 15/1 ARM, you would have nine years beyond that average to sell, refinance, or even take advantage of more favorable market conditions.

 

ARMs are also a great option to help you pay down other debts by keeping your mortgage payments low. If you have student loans or other bills, you can pay those down during the initial fixed-rate period of your ARM loan. This is possible because your mortgage payments will likely be cheaper with an ARM compared to what they would be a comparable fixed-rate loan.

These are just two common scenarios that showcase the benefits an ARM can provide. Your loan officer is the best person to run by any ideas and questions you have as you decide on the right mortgage program for you.

 

Source:https://fhmtg.com/2022/03/10/should-you-finance-with-an-adjustable-rate-mortgage/#3-how-an-arm-saves-you-money

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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"

540-273-2733

NMLS ID #86548 / 276329

Email:  LPerry@fhmtg.com

Apply on line:  LisaPerrryLoans.com

 

 

 

 

 

 Proudly Serving Washington DC, Virginia & Maryland

Comments (1)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lisa  and thank you for the great information to share with us here in the Rain.  Make it a great weekend!

 

Apr 01, 2022 12:12 PM