Sometimes it is more important for you to have a lower initial rate, resulting in a lower payment, so that you will be able to qualify for the home you have chosen. Perhaps you plan to move in a few years and are not concerned about possible interest rate increases. Maybe you are confident that your income will increase enough in the coming years to compensate for periodic increases in your interest rate, and subsequently larger mortgage payments that accompany an Adjustable Rate Mortgage Loan (ARM).
If the scenarios described above are similar to your situation, you may wish to consider the substantial savings available to you with an Adjustable Rate Mortgage (ARM). It's important to note that you have the option of refinancing your loan at the completion of the fixed period, to a new ARM loan or a longer fixed rate term.
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