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Why Sellers Choose Steve Bickford - Why home sellers in Harrisburg, Mechanicsburg and Camp Hill choose Steve Bickford. Free Presentation - Free in-home listings presentation on marketing your Harrisburg, Mechanicsburg and Camp Hill, in County property. Property Valuation - How much is your Harrisburg, Mechanicsburg and Camp Hill home worth? What Did That Home Sell For? - What did that Harrisburg, Mechanicsburg and Camp Hill, property or other real estate sell for? FSBO - Selling your Harrisburg, Mechanicsburg and Camp Hill real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Harrisburg, Mechanicsburg and Camp Hill Homes, For Home Buyers, For Home Sellers, Harrisburg, Mechanicsburg and Camp Hill Information, Real Estate Resources, and About Steve Bickford.
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Financing Your Home >Watch Your ARMs Length Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
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