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Should You Get an Adjustable Rate Mortgage?
Manage episode 329141731 series 2637004
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What is an adjustable-rate mortgage? and the bigger question is should you get an adjustable-rate mortgage?
Inquiries regarding Adjustable Rate Mortgages are picking up steam!
An ARM can help buyers expand their qualifications because they tend to have lower interest rates when we are in a rising interest rate market... like today. But with a lower interest rate comes a bit more risk.
So before buyers jump in and say that this is their "golden ticket," let's break down what an ARM is, highlight the pros and cons and discuss who can benefit from ARM financing.
Have questions? Feel free to reach out to my team and we'd be happy to answer them for you :)
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Glossary moment: A couple of terms covered in this episode: SOFR and LIBOR.
The main difference between SOFR and LIBOR is how the rates are produced. While LIBOR is based on panel bank input, SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market.
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