Save On Your Monthly Mortgage Payment with a 7/1 ARM

With mortgage rates of 6% this year, many homebuyers are looking to save money on their monthly mortgage payment.  The average length of time a homeowner holds a mortgage

The reality is the average length of time a homeowner holds a mortgage is less than 10 years.  Often a homeowner will refinance into a more favorable rate if interest rates dip or they move.  In 22 years of doing business, very few of my clients hold their mortgage for 7 years.

So why pay more interest in locking in a 30-year fixed.  Consider locking in an adjustable-rate mortgage like the 7/1 ARM.

The 7/1 ARM has a fixed interest rate for 7 years and adjusts yearly after the initial fixed-rate period.  Because the bank is only locked into a 7-year fixed period they pass along the savings by offering a lower interest rate.

A 7/1 ARM can save you on your monthly mortgage payment.



Written by KevnVitali

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