With mortgage rates doubling in the last 12 months, buyers are scrambling to find lower-rate options to buy a home. One option is an adjustable-rate mortgage, also known as ARMs. An adjustable-rate mortgage is a home loan with an interest rate that can fluctuate periodically based on the performance of a specific benchmark. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
We highly recommend you speak with your trusted loan officer before getting an ARM. Mortgage interest rates may NOT be lower when the ARM adjusts after your initial period and you could be paying a higher rate than when you got the ARM. Make sure you do your homework.
Join me with Brian Cushing, a Sales Manager with Guild Mortgage, as we discuss this mortgage option in my Reno Real Estate Market Update. Click the link below 👇
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