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ssimrST* Eileen M. Day mmtm
WHY CHOOSE
ADJUSTABLE
MORTGAGE?
If you have a choice (and you do), would you choose a mortgage whose rate would remain the same for the life of the 20 or 30 years of the loan or would you opt for an adjustable rate mortgage — one which would go up or down periodically over the years? Well, you can flip a coin on this one because homebuyers, nationally have been split in half. According to a recent survey by the National Association of Realtors, a little over half of homebuyers have been choosing adjustable rate mortgages.
Why do buyers choose adjustable rate mortgages when there is always the chance that their rate can go up? For one thing, despite general belief, their rate can go down as well. It has in the past. Another reason is that banks prefer the stability of an adjustable rate which would float in tandem with a fluctuating inflation rate. Therefore, lenders normally market these adjustable rate mortgages by offering them at a point or two premium at the outset.
If there is anything we can do to help you in the field of real estate, please phone or drop in’at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 6753400. We’re here to help.
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