October 5, 2011
Forbes Magazine-Call To ARMs: William Raveis Executive Mortgage Banker, Clifford Slater, talks about why ARMs can make sense for refinancing if there is a good amount of equity in a home.
Given that 15-and 30-year fixed mortgage rates are at a historic low, why even consider an ARM? If you're aiming to pay off your mortgage in a short period you can still save a bundle, says Clifford Slater, a licensed loan officer in Newton, Mass. The biggest savings come if you pay off the loan within the five to seven years before the ARM adjusts--effectively turning it into a very short, very low-rate fixed mortgage. That's attractive if, for example, you plan to move in the next several years or if you want to pay off a big mortgage before you retire.
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