Posts Tagged adjustable rate mortgage

5 Common Mortgage Myths Debunked

It’s only natural to be both excited and nervous about buying a home. After all, it’s likely to be one of the largest financial transactions you’ll make and with it comes a lot of responsibility. But for many potential home buyers, common misconceptions about the mortgage process keeps them from pursuing what could be one of the most personally (and financially) rewarding parts of adulthood. In today’s post, we’ll review 5 of the most common mortgage myths and set the record straight on things like credit scores, down payments, interest rates and more.

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What are Hybrid Adjustable Rate Mortgages (Hybrid ARMs)?

paperwork

A hybrid adjustable rate mortgage, or hybrid ARM for short, is a mortgage that features an initial set rate, or “fixed rate,” interest period in which the interest rate does not change. After this period is over, the interest rate begins to adjust on an annual basis. Hybrid ARMs typically have two numbers in their name, such as a 5/1 ARM or a 7/1 ARM. This can be misleading, as most ARMs are actually 30 year loans. The first number represents the number of years the borrower will have a set, or “fixed” interest rate, and the second number represents

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Does Anyone Refinance from a Fixed Rate Mortgage Into an ARM?

mortgage application and key

As mortgage rates drop or stay within historical lows, a lot of home owners consider switching from an adjustable rate mortgage (ARM) to a fixed rate mortgage in order to lock in the lower rate and keep their payments predictable. However, there are some instances when homeowners who have a fixed rate mortgage may want to consider refinancing into an ARM.

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