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Real Estate M
Eileen \1. Day REALTOR
CX )NVERTIBLE MORTGAGE
I lerr's a new financ ing wrinkle to think about. It's c alled the “Convertible Adjust ible Rate Mortgage". This is the answer for those who can't make* up their minds, this mortgage offers you the opportunity to convert the loan from an adjustable to a fixed rate instrument at almost any time you wish in the future with almost, no up front cost.
With one of these loans, you can enjoy the* lower initial payments of an ARM although you run the* risk of the mortgage payment rising if in terest rates go up. The next time rates drop, you can refi nance the loan, that is, con vert it to a fixed rate by paying a small fee, usually SlOO to Sir,o on recent convertibles.
Typically, there is a slight surcharge. usually about .25% on the contract interest rate at the time of conversion. You don't get something for nothing, but convertibles are a whole lot cheaper than refinancing at some future date.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor. The Clopton House. Washington. Va 22747. Phone 675 3033. We're here to help.
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