Youve found the home of your dreams, youre pre-qualified for a loan, and everything looks absolutely rosy. At first.
As you begin to traverse the actual home appraisal, the loan amortization, your down payment, and all the dots that must be connected in order to make the dream a reality, you suddenly realize that you may not be able to afford a payment on the Fixed Rate Mortgage plan. What other options are available?
Well, theres the Adjustable Rate Mortgage that is a close first cousin to the Fixed Rate mortgage, just a little riskier.
What advantages does the Adjustable Rate Mortgage option offer, and what are they drawbacks, if any?
This article examines the advantages and disadvantages, if any, of the Adjustable Rate Mortgage.
The Adjustable Rate Mortgage, or ARM, is a more affordable option for homeowners who have a fairly tight monthly budget, and who have a need for bigger house, lower payment.
The typical ARM customer wishes to build equity in their home; however they need the lowest monthly payment possible, for a certain number of years.
The homeowner this program most benefits is the individual who expects income...
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