You have come to the right place if you are looking to buy or sell a home in the Midlands area. I am here to offer my expertise and am committed to making your experience exceptional. There are many tools here to assist you which range from assisting you in your home search to deciding where to go for dinner! Explore the site and links. If you can’t find it here, call or email me and I’ll be happy to assist in answering your questions.
SELLERS
Look at your competition! I will share my knowledge and experience with you. I am realistic and committed to making the process as seamless as possible. I believe in keeping you informed on activity, my unique marketing strategies and current trends in our local real estate market. As a team, we will get to the closing table!
BUYERS
Start your search here! I value your time and opinions and I hope that you will make the most of my expertise. I am ready to listen to your needs and learn what features you most desire. With this information, I’ll do my homework so that you don’t have to. My goal is to find your home and make your experience a pleasure.
If you are new to the Midlands area, I am thrilled to welcome you and offer you the Southern Hospitality we are so well known for. I look forward to helping you learn all about making my home, yours!
Now that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue.
Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borrower. If you get a fixed rate mortgage and the interest rate then goes up, it costs the lender money. However, if you have an adjustable rate mortgage, as the interest rate goes up, so does your payment, thus compensating the lender. Adjustable rate mortgages are particularly useful when unpredictable interest rates make fixed rate loans hard to get.
One of the main advantages of an adjustable rate mortgage is that the initial interest rate is lower than that of a fixed rate mortgage. A lower rate means lower payments, which may help you qualify for a larger loan. This is an important detail if you expect your future earnings to rise. In this case, the ARM will allow you to qualify for a larger loan amount earlier rather than later.
However, this information should only be used with care. If you use an ARM to qualify for a larger loan amount than a fixed rate would allow you and the interest rate then rises drastically or your income doesn’t rise, you may not be able to afford the larger monthly payments, thus causing you to default on your loan.
A situation in which an adjustable rate mortgage makes sense would be if you are only going to keep the house for a short period of time. If you are only planning to own your house for only a few years, the risk of the interest rate rising goes down. This means that you will get a better rate with an ARM, making it a good choice. However, if you plan on staying in your home for a long period of time, a fixed rate may be a better option.
The lesson here is to have a plan. Know what your goals are in purchasing a home and plan for all eventualities. Do your research when shopping for an ARM and consider the worst-case scenario.
You have come to the right place if you are looking to buy or sell a home in the Midlands area. I am here to offer my expertise and am committed to making your experience exceptional. There are many tools here to assist you which range from assisting you in your home search to deciding where to go for dinner! Explore the site and links. If you can’t find it here, call or email me and I’ll be happy to assist in answering your questions.
SELLERS
Look at your competition! I will share my knowledge and experience with you. I am realistic and committed to making the process as seamless as possible. I believe in keeping you informed on activity, my unique marketing strategies and current trends in our local real estate market. As a team, we will get to the closing table!
BUYERS
Start your search here! I value your time and opinions and I hope that you will make the most of my expertise. I am ready to listen to your needs and learn what features you most desire. With this information, I’ll do my homework so that you don’t have to. My goal is to find your home and make your experience a pleasure.
If you are new to the Midlands area, I am thrilled to welcome you and offer you the Southern Hospitality we are so well known for. I look forward to helping you learn all about making my home, yours!