Strengths and weaknesses of Adjustable Rate Mortgages
As we’ve covered above, ARMs provide customers the freedom over the future of your specific loan needs. If you’re intuition proves right, you could be lowering your monthly mortgage payments simply by the nature of your loan agreement.
The other side of the coin is equally true. If interest rates become more unfavorable after your preliminary fixed-rate agreement, then you could be subjected to a higher mortgage payment on the life of your loan.
Speak with one of our Adjustable Rate Specialists to learn more about the pros and cons of an ARM.