4 ms·
Why would someone have opted for for an adjustable rate mortgage that adjusts after 5-7 years when they could have locked in a historic low rate for 30 years?
by bogomipz 4y ago
Why would someone have opted for for an adjustable rate mortgage that adjusts after 5-7 years when they could have locked in a historic low rate for 30 years?
- localhost 4y agoIn my case it’s because I don’t anticipate being in the house longer than the rate lock period
- bogomipz 4y agoOut of curiosity did you get a 5 o 7 year? What was the differential between adjustable and fixed?
- mrep 4y agoI just got a 10/1 ARM because second home rates spiked recently [0] so the ARM was a lot lower (I think 1.125%) than a 30 year fixed. [0]: https://www.ezhomesearch.com/blog/second-home-mortgage-rates-are-going-up-in-2022/#:~:text=The%20FHFA%20will%20begin%20to,loan%2Dto%2Dvalue%20ratio https://www.ezhomesearch.com/blog/second-home-mortgage-rates....