A Adjustable Rate Mortgage is bad- no matter how you package it. Most of my chapter 13 homes are either purchased between 2005-2009 during the bubble or their ARMS. Just say NO and get a fixed rate.
Two new packagings for ARMS are:
A 2/28 Mortgage is an adjustable rate mortgage loan where interest is paid for two years at a relatively low rate, and then the interest rate “floats,” or changes, upwards.
With a 50 Year Mortgage the lender gives you a fixed introductory rate for five years, followed by an adjustable rate mortgage for the remaining 45 years
Showing posts with label ARMs. Show all posts
Showing posts with label ARMs. Show all posts
Thursday, December 22, 2011
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