Excellent article recently in The NYT Times talking about how more and more borrowers are going with Adjustable Rate Mortgages or ARMs. The fact that they are almost 150 basis points lower than current 30 year fixed mortgages obviously makes then a very poplular home financing product! For the most part a confomring 5/1 ARM is in the 3’s!
With an ARM, the savings can be huge. Borrowing $400,000 with a 5/1 ARM at 3.5% would save $31,114 in the first five years, compare this to a 30-year fixed-rate loan of 5%.
Inquire within for current ARM Rates and guidlines
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