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Financing Your Home >Watch Your ARMs Length
Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
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| Q |
What is considered one of the few remaining tax shelters in the 1990s?
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| A |
Homeownership--property taxes on a residence or vacation home are deductible up to $1 million. |
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Maggie's Team RE/MAX Anchor Realty 14806 Tamiami Trail North Port FL,34287 My Other Location: 3941 Tamiami Trail Punta Gorda FL 33950 Office:: (941) -875-4664 Cell:: (941) -875-4664 email:: maggiedasilva@NUMBER1EXPERT.com
Maggie's Team Specializing in, Sarasota Luxury homes,Bradenton, Lakewood Ranch, Florida Luxury Homes,Englewood Homes,REMAX Homes,REMAX foreclosures,Punta Gorda Homes, Punta Gorda real estate, Punta Gorda Homes for Sale, Punta Gorda Foreclosures, Punta Gorda Realtors, Punta Gorda Luxury Homes,Punta Gorda Waterfront Homes,Port Charlotte Homes, Port Charlotte Homes for sale, Port Charlotte Real Estate, Port Charlotte Real Estate For sale, Port Charlotte Foreclosures, Buy Punta Gorda Homes,Buy Port Charlotte Homes now, Nort Port Homes for sale, North Port Homes, North Port Real Estate, North Port Realtors,Venice homes, Venice Real Real Estate, Englewood Homes, Venice Real Estate, Nokomis Real Estate For sale,RE/MAX Realtors, RE/MAX International Listings, FREE MLS Search,Naples Bay colony beach Front condos,Pelican Bay Naples FL Beach Front Condos for sale,Member of National Association of REALTORS
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