ARM Mortgage's Are Making A Comeback

Posted Sep 25, 2009 @ 3:26 pm, Viewed by 250 Visitors, Read 251 Times.

Over the past few years, we've all heard that ARM's are bad, and you should only go into fixed rate mortgages.  For a while that made sense, especially when the difference in a 5 year ARM and a 30 year fix was less than .5%.  Over the past few weeks ARM rates have become considerably better, and that makes the ARM  product that much more attractive.  We've even seen 5 year ARM's get down in to the high 3% range. 

So who can bennifit from an ARM?  Anyone who will be staying in their home on a short term basis would be the perfect candatate.  For instance, a couple buying their first home, or someone who has moved to an area for work, but knows they won't be here for more than a few years.  Why not have a lower monthly payment if you know you won't be in the house long.  Another person who might bennifit is someone who needs to free up cash flow.  If you can get a 5 or 7 year ARM a full percent lower than a 30 year fix, it is sure to help free up some cash flow every month.  You can use the extra cash to save, or pay down any current debt you might have.

ARM's are back, and now is the time to take advantage of them

 

Want to speak to a loan officer?

Today's ARM rates

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joshp975

joshp975 I've lived in the DC metro area my entire life; growing up in Montgomery County Maryland and attending the University of Maryland.  I now live in Arlington, Virginia.  Living all around the DC area has given me a great understanding of the real estate market.  After graduating from the University of Maryland, I worked as a loan officer in Gaithersburg for three years.  I then opened my own mortgage brokerage company, which I ran and operated successfully for several years before agreeing to a buyout by my partner.  Now, I have found a home at Choice Finance where I am able to grow professionally and better serve my clients. My experience has helped me refine my business techniques and find my niche in the FHA Jumbo Market.  It has also enabled many clients to take advantage of this program, which in turn lowered intrest rates and saved them money.  My combination of experience and know-how has lead me to become a great resource for my clients and enabled them to achieve their dream of homeownership. Read More

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