How does an ARM work and is an ARM right for you? Recently, my husband and I decided that an adjustable rate mortgage was right for us. Here’s my experience with an ARM to help you answer the previously mentioned questions.
Adjustable rate mortgages (ARMs) often get blamed for the U.S. housing bubble burst in 2008. But as Quicken Loans Chief Economist Bob Walters recently pointed out, ARMs weren’t the culprit. ARMs can benefit many people looking to buy or refinance a home! In case you’re unclear why an ARM may be the best mortgage solution for you, here are a few details about ARMS.
Buying a home is a tricky, complicated, expensive, draining and stressful process. Okay, not always, but it definitely can be. One seemingly easy way out would be to buy a home from a family member or friend. You’d get a lower price, a quicker process, potential for owner financing, and wouldn’t it be much easier to deal with someone you already have a great relationship with? Buying a home in a non-arm’s length transaction might be a great idea, but there are a number of things you need to know before you can pop the cork.
Despite the benefits they can have for short term housing, most people doubt the benefits that can come with an adjustable rate mortgage. If you’ve always wondered what the commotion is about ARMs, read on and see if you could be saving money with one.
After over a month of record-low mortgage rates, we’ve seen low mortgage rates creep a little higher for two weeks in a row. Read the details in this week’s Primary Mortgage Market Survey.
This week 15-year fixed-rate mortgages and 5-year adjustable rate mortgages dropped to record lows. How low you ask? Read this week’s PMMS report to find out.
So you’ve mastered the fixed-rate mortgage, but now you’re telling me there’s one that can adjust? Relax, start breathing, and take a minute to read this week’s Know Your Mortgage to get a simplified explanation of how and adjustable rate mortgage works.
An ARM can make great financial sense for certain homeowners, and serve as an effective tool in helping you achieve your personal finance goals. But it’s important to understand the how and the why.
According to the Primary Mortgage Market Survey report released this week, rates are starting to rise. By no means have you missed your opportunity to take advantage of low rates – they’re still pretty darn near to record lows – but the trend might be on the upswing, and I would be woefully remiss if I didn’t try to encourage you to get in while the gettin is good.
Happy 2013! The new year is all about ritual and resolutions. Everyone plans to eat better, work out more, and get more organized or spend more time with friends and family. We’re all guilty of at least one of these, aren’t we? I wonder, did you, my mortgage-rate seeking friends, resolve anything fun this year? This year, I resolved to avoid a cliche resolution and promised to laugh more and worry less, and bring you the PMMS report every Thursday!