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Debra Kemp
"Team Firnstahl is a highly qualified and professional team of individuals who were enthusiastic about selling our home and accomplished it in a short amount of time. They kept us informed so we always knew what was going on. We were confident that they could get the job done and they did!"
Debra Kemp
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Financing Your Home >More On ARMs
Lenders are always looking for new ways to help buyers get into the home of their dreams. Today they frequently use adjustable rate mortgages (ARMs) to increase the buyer's options. The interest rate on an ARM changes periodically to reflect changes in the national market. Since the loan starts at a rate that is lower than the national average, lenders can reduce the borrower's qualifying criteria.
One way to distinguish between different ARMs is by the national index to which they are tied. Some ARMs are tied to a slow-moving index called the cost-of-funds index; these are usually the most desirable. ARMs that are tied to a more volatile index, such as Treasury Notes, can be adjusted upward at a quicker rate. Look at all the factors before choosing a loan. The faster index loan may start out with lower rates and lower monthly payments, but the slower index ARM may eliminate your concern about having to re-finance down the road.
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| Q |
What are three of the best indicators of real estate market trends?
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| A |
Existing home sales, new home building and mortgage interest rates.
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