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It’s an adjustable-rate mortgage with a 30-year term That is fixed for the first five years And adjustable for the remaining 25 years It can adjust once each year after the first five years put simply, the 5/1 ARM is an adjustable-rate.
Getting an adjustable-rate mortgage as interest rates rise can be risky. After a few rate resets, your initial interest savings could evaporate while your payment soars. An adjustable-rate mortgage, with its lower initial interest rate and monthly payment, can seem a tempting alternative to a higher fixed-rate loan when mortgage rates are rising.
Is an Adjustable Rate Mortgage (ARM) a Good Idea? – For August, it has been a hot topic to discuss the surge of adjustable rate mortgages (ARMs) experienced over the summer. According to Businessweek , 16 percent of all june 2013 mortgage requests were for ARMs – the highest since 2008.
Compare adjustable-rate mortgage options and rates, including 5/1, 7/1 and 10/1 ARMs available from Bank of America.. Adjustable-rate mortgages are a good choice if you: Plan to move before the end of the introductory fixed-rate period, so you aren’t concerned about possible rate increases.
Find out the most important real estate terms to know in order to understand the real estate process.
getting a mortgage when retired Should You Pay Off Your Mortgage Before Retirement? — The. – Drawbacks of paying off your mortgage before retirement. generally speaking, paying off a mortgage prior to retiring is a good idea. But there are still a few pitfalls to be aware of.
3 Reasons an ARM Mortgage Is a Good Idea — The Motley Fool – 1. Lower rates help you build equity faster. The obvious advantage of an adjustable-rate mortgage is that they carry lower interest rates during the fixed period of the loan. At the time of writing, the lowest rate advertised on a major mortgage site for a 5/1 ARM was about 3.2% compared to a rate of 3.9% for a 30-year fixed loan.
3 Reasons an Adjustable-Rate Mortgage Is a Great Idea – But the adjustable-rate mortgage, or ARM, may be the best option — depending on your circumstances. The ARM is a curious one, as it often carries the lowest rate, yet it represented only 4.4% and 6.5% of all mortgages originated in 2009 and 2010 (the most recent years for which the data is available).
5 Keys to Successfully Investing in a Rental Property – it is always a good idea to take out a mortgage with a long duration. A 30-year fixed-rate mortgage is especially suitable for investors as they will benefit from fixed monthly mortgage payments and.