An adjustable mortgage is complicated but not entirely impossible to understand. Adjustable mortgages range from 1 month to 10 years. In the past, the adjustable mortgage product was used in ways that gave little to no benefit to the borrower and all the benefit to the mortgage companies. This playing field does not need to remain unbalanced. As a consumer, shopping for this type of mortgage product commands your full attention. Below are some questions to consider BEFORE making any decision or signing any paperwork regarding an adjustable rate mortgage.
- What is the purpose of the purchase? Primary Residence or Rental Property?
- How long do you intend to own the property?
- What are the numbers related to the adjustment if you are unable to refinance at the prescribed time necessary?
These questions are very important in order to fine tune the adjustable product to your needs. When shopping for this product make sure you speak to a professional who YOU feel is presenting the information in a way that you understand. Of course you can ALWAYS call me.
Jennifer Erickson (719)459-2519
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