Considering an ARM Mortgage? Be ForeARMed…

When you go shopping for a house there are many important decisions to make. Not only do you have to find that perfect house that
you want to live in forEVER, but you have big decisions to make at your financial institution as well. Before you go to your bank or
lender, arm yourself with a little knowledge about the different types of mortgages that you will be offered, so you can make a well considered, informed decision when the time comes.

There are generally two types of mortgages – a fixed rate mortgage and an adjustable rate mortgage, or ARM mortgage. A fixed rate mortgage offers one interest rate for the entire life of the loan, while an adjustable rate mortgage offers changing interest rates at
intervals of time.

By arming yourself with knowledge before you head to the lenders, you can ensure that you are going to get the product you need at the price you can afford. There are advantages and disadvantages of adjustable rate mortgages that need to be weighed before deciding for or against an ARM mortgage.

Adjustable rate mortgages usually come with a significantly lower interest rate than is offered on a fixed rate mortgage. For this reason ARM mortgages are very tempting to home buyers. On the other hand, a fixed rate mortgage offers the security and consistency of
payments and interest rate throughout the term of the loan.

And don’t be fooled by those low introductory rates some lenders use to lure you in. This is one of the risks of going with an ARM mortgage, because you can usually count on higher interest rates in years to come.

Is the risk worth it? This is the primary question you need to ask yourself before heading to the lender to secure a home mortgage loan. Do you go with what you know — or risk the unknown??

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