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| Real Life Information... on Home Related Topics - Mortgage Information |
with each other or to compare an ARM with a fixed-rate mortgage, you need to know
about indexes, margins, discounts, caps on rates and payments, negative
amortization, payment options, and recasting (recalculating) your loan. You need to
consider the maximum amount your monthly payment could increase. Most important,
you need to know what might happen to your monthly mortgage payment in relation
to your future ability to afford higher payments.
Next: Adjustable Rate Mortgages Cont’d
Back to: Mortgage Overview
about indexes, margins, discounts, caps on rates and payments, negative
amortization, payment options, and recasting (recalculating) your loan. You need to
consider the maximum amount your monthly payment could increase. Most important,
you need to know what might happen to your monthly mortgage payment in relation
to your future ability to afford higher payments.
Next: Adjustable Rate Mortgages Cont’d
Back to: Mortgage Overview
Adjustable Rate Mortgages (ARMS)
Adjustable-rate mortgages (ARMs) are loans with
interest rates that change. ARMs may start with lower
monthly payments than fixed-rate mortgages, but
keep the following in mind:
Your monthly payments could change. They could go
up--sometimes by a lot--even if interest rates don't
go up.
interest rates that change. ARMs may start with lower
monthly payments than fixed-rate mortgages, but
keep the following in mind:
Your monthly payments could change. They could go
up--sometimes by a lot--even if interest rates don't
go up.
Your payments may not go down much, or at all--even if interest rates go down.
You could end up owing more money than you borrowed--even if you make all your
payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to
pay a penalty.
You need to compare features of ARMs to find the one that best fits your needs.
You could end up owing more money than you borrowed--even if you make all your
payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to
pay a penalty.
You need to compare features of ARMs to find the one that best fits your needs.
The following explains how ARMs work and discusses some of the issues that
borrowers may face. It includes ways to reduce the risks and gives some pointers
about advertising and other ways you can get information from lenders and other
trusted advisers. Important ARM terms are defined in a glossary.
borrowers may face. It includes ways to reduce the risks and gives some pointers
about advertising and other ways you can get information from lenders and other
trusted advisers. Important ARM terms are defined in a glossary.
What Is an ARM?
An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. With a
fixed-rate mortgage, the interest rate stays the same during the life of the loan. With
an ARM, the interest rate changes periodically, usually in relation to an index, and
payments may go up or down accordingly.
An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. With a
fixed-rate mortgage, the interest rate stays the same during the life of the loan. With
an ARM, the interest rate changes periodically, usually in relation to an index, and
payments may go up or down accordingly.
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