Adjustable Rate Mortgages
Many people are drawn to adjustable rate mortgages (ARMs) due to the fact that they generally offer low introductory mortgage rates that remain in place for a certain period of time. However, the introductory rate period is only temporary and after that term expires, the mortgage rate on an ARM can adjust. This can make ARM loans a more affordable option in the short term, but a more risky home financing choice in the long run.
Talk to an experienced loan officer to help determine whether an ARM is right for you.