may be worth considering. With an ARM, as it's called, the appeal is its lower initial rate compared with a traditional fixed rate mortgage.
While there's a limit to how much the rate can change, experts recommend making sure you'd be able to afford the maximum rate if faced with it down the road. As illustrated above, a few percentage points can make a big difference in the monthly payment. Additionally, if the ARM rate isn't much lower than a fixed rate, the savings may not be worth the uncertainty. Rinaldi said that while some lenders aren't offering much in the way of a discounted rate, he's finding some that are about one percentage point or more lower.While the typical mortgage is for 30 years, a shorter loan with a more favorable rate may be appealing. The average rate for a 15-year loan is 6% as of Friday, according to Mortgage News Daily.
Why is the system set up so regular working folk can’t buy a house. When did home ownership become a luxury to a select few?
I am sitting pretty 2.62
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