Refinance Home Loan And Adjustable Rate Mortgage: What’s In It For You?
Your refinance home loan is a new loan using once again the subject property as collateral. But what if you have seen the possibility of relocating to another state because a child is going to college soon? What are your options?
Opting for an Adjustable Rate Mortgage
With the likely prospect of relocating in a few years, the option for an adjustable rate mortgage (ARM) for your refinance home loan is a smart one. For the last three or four years of your stay in your house, you will be paying low interest rates on your new loan before rates take an upward swing.
Commonly, people shy away from an ARM for their refinance home loan because of an unpredictable market. But heres the advantages youll get from an ARM:
1. Low interest rates for the first few years.
2. Time to plan for the future.
3. More cash flow because of lower monthly payments.
4. When rates fall, you dont need to refinance companies will ensure you get the low rates.
However, before you go for an ARM, you only have to answer one very important question: Can you afford to...
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