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Why Adjustable Rate Mortgages Make Sense Today

August 15,2022 | Posted By Dinorah Carmenate in re
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It has been over 10+ years since we did any type of adjustable-rate loans for ourselves and/or clients. Now that the federal reserve raised the prime rate yet again by .75%, it may be time to explore other types of financing such as adjustable rates.

Just to be clear . . .

I am NOT talking about the careless variable rates we had prior to 2008 where they adjusted 1% every six months and started out with a low teaser rate.

Those loans are NO LONGER LEGAL.

I am talking about a buy-down loan where you’d start at 3.99% and then increase gradually to the maximum rate of 6.50% approximately. I am talking about an interest-only loan where the first 5-7-10 years you pay only interest on your mortgage, giving you an overall lower payment.

Since we all know what goes up must come down and what goes down must come up, eventually, you will be able to refinance out of your adjustable rate and turn it into a fixed rate. The name of the game today is being smart and to take advantage of today’s real estate market because there are some great deals out there.

By using the knowledge and information we have from the past, we can create a profitable and stable future. I have been in the business for 30+ years, and when I started, rates were 11%-12%. Within 3 years of being in the business, they started dropping and the normal interest rate ranged from 7% to 8% and we were dancing in the streets with joy.

Don’t let today’s rate stop you from fulfilling your dreams and investing in real estate for your future because today there are opportunities for you that were not there 6 months ago and it’s time to take advantage of them.

If you need to refinance and/or looking to buy a home and want more information as to what type of rate you can get, call me. David and I are here ready to help you.

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