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LOCATED IN
Flint Hill, Virginia
Route 641 off Route 522
703-675-3735
Real Estate
Eileen M. Day realtor kr.'kks
FINANCING TODAY
Until just a few years ago, there was one basic type of loan. It had a fixed interest rate, level monthly payments, and ran from 20 to 30 years. It is still available and remains the favorite of most buyers.
Today, however, there are more loan varieties than Babe Ruth had home runs. Chief among them is the Adjustable-Rate Mortgage (ARM), which allows changes in the interest rate at specific times during the life of the loan. Adjustments are tied to changes in an independent index that reflects current market interest rates. Some ARMs permit rate adjustments every one, three or five years.
The interest rate on ARMs usually starts a couple of percentage points lower than the fixed rate mortgage. Then the interest rate fluctuates. True, the rate can go up if that’s the way rates are going, however, they can go down automatically too. In that case, the borrower gets a lower rate without refinancing and incurring the fees and closing costs of a new loan.
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: 675-3400. We’re here to help.
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