|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 641-751-5240.
|

Request Our Free Relocation Package! Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate! Find Out More > View All Offers >
|
Compare three mortgages at one time.
Download TripleCalc now. It's free.
|
The Jamie Bland Team are some of
The Top Selling Real Estate Experts Find Out More > |
|
|
 |
Special Offers From Us To You! Just for you, we've assembled some Special Offers. Choose one or all! 

Financing Your Home >Watch Your ARMs Length
Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
|
 |
| Q |
What is the average age of a first-time homebuyer in the United States today?
|
| A |
The average age of a first-time U.S. home buyer is 32 years. |
See More Real Estate Trivia > |
|
|
|
|