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Explaining Hybrid Mortgages and How they can Help You
With interest rates moving up, it may be time to consider a hybrid mortgage. In the past, rates were so low that a 30-year fixed mortgage was basically a shoe-in for a buyer. However, we're now experiencing a rise in rates and that can open up options for buyers who aren't sure about the best way to finance their home.
So, what are these hybrid mortgages? One example of these types of mortgages (some can be pretty exotic) is the Adjustable-Rate Mortgage (the 'ARM'). In this type of 15-30 year loan, the rate at the beginning is cheaper than at the end.
Why to consider the ARM: Rates are still very good, but they are rising, and for some people who may not be living in their home for an extended period of time, it could be more affordable to go with an ARM Mortgage. These could also be helpful if you are considering moving out and keeping a property as an investment. In general, if you're unsure of how long you will be at a certain property, a hybrid loan could be the most economic choice for your situation.
At a minimum, you have to consider a different mortgage even if you reach the same conclusion because as the market shifts, so too should the way we think about it.
If you are seriously considering a hybrid mortgage, please contact me because there are many things to consider.
Call me at (202) 290-1313 or email me at carlos@enggarcia.com
So, what are these hybrid mortgages? One example of these types of mortgages (some can be pretty exotic) is the Adjustable-Rate Mortgage (the 'ARM'). In this type of 15-30 year loan, the rate at the beginning is cheaper than at the end.
Why to consider the ARM: Rates are still very good, but they are rising, and for some people who may not be living in their home for an extended period of time, it could be more affordable to go with an ARM Mortgage. These could also be helpful if you are considering moving out and keeping a property as an investment. In general, if you're unsure of how long you will be at a certain property, a hybrid loan could be the most economic choice for your situation.
At a minimum, you have to consider a different mortgage even if you reach the same conclusion because as the market shifts, so too should the way we think about it.
If you are seriously considering a hybrid mortgage, please contact me because there are many things to consider.
Call me at (202) 290-1313 or email me at carlos@enggarcia.com
