Im looking into home loans but need to know what an (ARM) is. Im new to this whole thing so any info would help. like what should i look for, what should i be weary of, those things.
5 Comments Already
May 9th, 2010 @10:04 am
It’s called an Adjustable Rate Mortgage. It means your rate may adjust after a certain period of time. So if it’s a 5 year ARM, means it’ll change after 5 years to the current going rate +. If the rates are lower then, then you are fine, but if they are higher, your payment can go up a lot. The best bet when getting a loan is to get a fixed rate…the lowest you can.
May 9th, 2010 @10:31 am
AAdjustable RRate MMortage, has low payments when interest is low and rises as rates increase often ballooning up more than doubling the payment in a short time.
May 9th, 2010 @10:49 am
Adjustable Rate Mortgage. Better to avoid, it usually will bite you at the end of your fixed term when they adjust your interest to whatever the present rate is. It is one of the issues that caused problems for many who failed to plan appropriately and got into a mortgage they really couldn’t afford with a low teaser rate at first. The best thing is a fixed rate for 30 years, or less if you can afford it. If you must do an ARM, you should look to get into a fixed before your term is reached so that you have some control.
May 9th, 2010 @11:18 am
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