Adjustable Rate Mortgage (ARM) Watch BEFORE You Get One!
An adjustable rate mortgage, or ARM, is a home loan that starts with a low fixed-interest “teaser” rate for three to 10 years, followed by periodic rate adjustments. ARMs are different from fixed-rate mortgages, which keep the same interest rate for the life of the loan.
With an adjustable rate loan payments can go up or down based on different indexes. Right now, lots of successful people including Mark Zuckerberg, are using an adjustable rate mortgage in order to save a ton of money in the short term on their home, especially as mortgage rates continue to climb.
So is an Adjustable Rate Mortgage right for you?
0:00 - Intro
1:15 - What is an Adjustable Rate Mortgage (ARM)
2:00 - How an Adjustable Rate Mortgage Works
5:02 - Why should You Consider an Adjustable Rate Mortgage?
6:19 - Who Should NOT Consider an ARM?
7:36 - My Thoughts on an Adjustable Rate Mortgage
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Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.