Adjustable Rate Mortgages: Pros and Cons!
Adjustable Rate Mortgages Pros and Cons!
I want to talk to you about a subject that's kind of been not discussed for a decade at least and that is arms adjustable rate mortgages. They're becoming more and more popular now that interest rates have risen so much now adjustable rate mortgages have some pros and cons. The pros to an adjustable-rate mortgage are that the payment will be lower because you're going to get a lower interest rate and most adjustable-rate mortgages have interest rates fixed for three five or seven maybe even 10 years. So, they can be a great way to get you into a home with a slightly lower payment, of course, the cons are that once that fixed period ends the rate can start to increase and there are caps on how much that can increase. So it's not right for everyone but depending on how long you might need to be in a home it could make sense for you to at least look at adjustable rate mortgages.