Here’s when a 5/1 ARM might be a good idea. ARM Strength. The advantage of a 5/1 ARM is that during the first phase, you get a much lower interest rate and payment. If you plan to sell in less.
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An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate you pay on your home periodically changes, which impacts your monthly mortgage payment. The interest rates you’ve probably seen advertised for ARMs are usually a little bit lower than conventional mortgages.
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Many homeowners skip over 7-year ARM rates. If you’re looking for a house but expect to be in it only for a limited time, you might pay more with a standard 30-year fixed mortgage than you need.
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But getting an adjustable-rate mortgage , or ARM, when interest rates are rising means you’re taking all of the risk. With an ARM loan, after just a couple of rate resets, your initial interest-rate savings could evaporate.
If you’re shopping for a mortgage, you need to decide whether to choose one with a fixed or adjustable interest rate. An adjustable-rate mortgage, or ARM, might be a good idea if you’re only planning.
That was the opening line of an e-mail I received last week from Citi Mortgage. I’d heard of a bi-weekly payment plan before but never been offered one by my mortgage provider. This type of payment plan essentially drafts half your mortgage payment every 14 days giving you 26 payments a year, or 13 full payments per year instead of 12.
3 Reasons an ARM Mortgage Is a Good Idea Don’t let misguided blame for the financial crisis keep you from scoring a deal on your next mortgage.
Similarly, falling interest rates could be a reason to convert from a fixed-rate to an adjustable-rate mortgage (ARM), as periodic. Getting rid of private mortgage insurance, or PMI, is one good.
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