Carmichael Times
Like Us On Facebook Follow Us On Twitter
Founded 1981
Serving Carmichael and Sacramento County
 
  Home Community Finance Employment Your Home Your Money Your Kids Your Health  
  Business Education Politics Police & Fire Veterans' News Real Estate Consumer News Taxes  
  Religion Food Recipes Gardening Car Care Fashion Beauty Pets  
  Lifestyles Sports Feature Writers Events Environment Human Interest Technology Travel  
 
Cimino Care Local Classified Advertising
Pay Legal Ads Online
Messenger Publishing Group
Shop Local Carmichael Rewards Program
Constant Contact




Finance

Adjustable Rate Mortgages Quickly Gaining Popularity

Posted: 10/18/2013

First-time home buyers can benefit from an adjustable rate mortgage
First-time home buyers can benefit from an adjustable rate mortgage.

(NAPSI)—An increasing number of consumers are beginning to reconsider adjustable rate mortgages (ARMs). For many, it can be the best option when it comes to financing a house.

The Reason

With interest rates moving higher, ARMs have burst back on the scene, offering low rates now and the certainty of a fixed rate for as many as 10 years. This is especially enticing to many Americans who don’t anticipate being in their home for longer than a decade.

Who Benefits From An ARM

Industry experts suggest there are four groups in particular who should give the mortgage program a serious look:

• First-time home buyers who are looking for a starter house for now but have their sights set on a larger home to start a family within the next five to 10 years.

• Career mobiles who relocate regularly for their work.

• Empty nesters or those who plan to downsize once their children have moved out of the house in the near future.

• Financially savvy consumers who regularly follow the housing market and trends, and know what to look for and when to pull the trigger on a refinance.

Expert Advice

“Adjustable rate mortgages have been used by many consumers very successfully for decades,” said Bob Walters, Chief Economist at Detroit-based Quicken Loans. “When looking at home loan options, consumers should discuss their financial situation and future goals with their mortgage banker or financial planner to make sure they choose the best home loan option for their specific needs. There is no one-size-fits-all answer.”

Walters also points out that the average life of a loan is five to seven years and that most Americans stay in their home for 10 years or less.

While fixed rate mortgages can appear as the default choice for many, considering today’s rising rates and the fact that very few mortgages survive more than 10 years, consumers should carefully weigh their options. Tens of thousands of dollars could be riding on it.

Learn More

You may be able to find out which loan is best for you at www.quickenloans.com.

Advertisers

left Pause Right
 

 




About The Carmichael Times | Copyright Notice
Carmichael Times| Paul V. Scholl, Publisher
P.O. Box 14 | Carmichael, CA 95609-0014 | Telephone: 916-773-1111 | Fax Line 916-773-2999
Email: publisher@MPG8.com | Site Designed and Hosted by TheSiteBarn.com
ISSN#: 1948-1918

Like Us On Facebook Follow Us On Twitter