Could An ARM Be Right For You In 2017?

Could an ARM Be Right for You in 2017?

Misconceptions abound when the home loan conversation turns to adjustable rate mortgages (ARMs) and could be keeping you from what might be the best loan option for your home. So before you settle on a standard fixed-rate 15- or 30-year mortgage, find out why an ARM may be the right home loan for you in 2017.

Saving Money Over the Life of Your Loan

Lifetime savings. It isn't something we think about on a daily basis. Although I probably should, I’m not walking around thinking how much I could save over 30 years if I didn’t buy myself a cup of coffee every morning. But if you’re in the market to refinance or purchase a new home, savings over the life of your loan should be at the top of your mind. How can you save over the life of your loan? It’s simple, you pay less interest. Let’s crunch some numbers. If you have a $200,000 30-year fixed-rate mortgage with an APR of 4.599%, your monthly payment would be $998.58, and the total amount of interest you’ll pay is $159,640.  That same loan amount with a 15-year fixed-rate mortgage (3.758% APR) gives you a monthly payment of $1,417.52 and a total interest amount of $55,240. So, if you went with the 15-year fixed-rate loan, you would be paying $419 more every month, but you’d save $104,400 in interest over the life of your loan. But what if you don’t want to go into a 15-year mortgage? Is there any other way to save on interest over the life of your loan? Yes, with an adjustable rate mortgage (ARM). ARMs can still have a 30-year term, but the interest rate will be fixed for a period of 5, 7 or 10 years. After that fixed-rate period, the interest rate may adjust once per year depending on the market conditions. A lot of people opt…

Refinancing From An ARM To A Fixed-Rate Mortgage – Watch-It Wednesday

Refinancing from an ARM to a Fixed-Rate Mortgage – Watch-It Wednesday

This week, my main man Bryan Lyons, a former Home Loan Expert with several years of experience, sat down to talk with me about the pros and cons of refinancing from an adjustable rate mortgage to a fixed-rate mortgage. Bryan also chimes in on why now is the best time ever to lock in to an amazingly low mortgage rate or refinance to try and keep some more cash in your pocket.

Refinancing to a Long-Term, Fixed-Rate Home Loan Makes Sense

So, you’ve probably heard by now that mortgage rates are at historic lows – again. People everywhere have been saying that now is a great time to refinance. And it could very well be – especially if you’ve currently got an adjustable rate mortgage. Find out if refinancing now could benefit you.
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