The spread growing between the 30 year fixed rates and Adjustable Rate Mortgages (ARMs) is making ARMs increasingly more attractive for their competitive rates.
The demand for housing has been peaking inside and outside of the city, while rates have moved against us. Historically speaking, rates are still very, very low and there are other options available to make your purchase more affordable.
Many of my clients are opting for ARM loan programs as this allows them to have a lower initial interest rate than they would with the 30 year fixed.
Some of the main reasons that many people are increasingly moving towards the ARM loan programs:
In my 20+ years of working in this industry, I have found that no two client profiles are the same. There are always differences between people’s needs and what would be the best fit for them. In a volatile market, it is crucial to understand all the best options available to you.
Don’t let an increase in rates stop you from buying. There may be a solution out there that makes sense for you.
Contact me today to learn more and get all of your questions answered.
PS – For more info on the growing popularity of ARMs, check out this CNBC article.