Different types of ARM's - Saab General Bulletin Board - Saabnet.com
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I have a 7/1 ARM which includes interest and principal payment, amortized over a 30 year term; the rate is fixed for seven years, then adjusts on an annual basis with annual caps and an overall lifetime cap, no negative amoritization. I plan to be out of the house in less than 10 years, so this should work out well for me, even when it starts adjusting in about five years.
Monthly adjustable ARMs, ARMS that start with low (1%!) teaser rates but include negative amoritazation, ARMS with no caps, interest-only loans, etc., etc., are the ones to be afraid of.
posted by 63.87.52...
Posts in this Thread:
- Buying first house - mortgage reccomendation?, Liam, Thu, 5 Jul 2007 16:49:10
- beware of ARM's, TimBrown, Fri, 6 Jul 2007 12:17:56
- Re: Buying first house - mortgage reccomendation?, dave24 , Fri, 6 Jul 2007 04:28:27
- Be sure to plan the mortgage payment about $400 higher, Jeff Cunningham, Thu, 5 Jul 2007 19:30:17
- Re: Buying first house - mortgage reccomendation?, pokeyjoe , Thu, 5 Jul 2007 17:18:05
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