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That’s about to change. It’s anecdotal, but in Southern California realtors are pushing 10/1 ARMs now.
by rubiquity 5y ago
That’s about to change. It’s anecdotal, but in Southern California realtors are pushing 10/1 ARMs now.
- wil421 5y agoWhy would you listen to a realtor about financing? Rather, why would the realtor be pushing financing terms? Shouldn’t you be able to find a bank or credit union with typical 15/30 year fixed rates?
- rubiquity 5y agoAs for your first question, I don’t know why anyone would other than home buying is an emotional process. As for why realtors would push it: they want to close deals. Plain and simple.
- frumper 5y agoIt’s not that you can’t find fixed rate, it’s that ARM rates would be lower and you can get more house for your payment. As the sibling commented, realtors want to close. Obviously you’ll just refinance in a few years when rates go back down to zero or your house is worth 80% more /s
- mrep 5y agoAlso, second home 30 year fixed rates spiked in February for some reason I forget so I just got a 10/1 ARM myself as the rate was like 1% lower or something than a 30 year fixed.