The 5-Year ARM Is a Mortgage Steal Any borrower in the market for a mortgage loan in New Jersey right now should NOT pass up the savings that can be had with the 5/1 adjustable rate mortgage. Rates are unbelievably low compared to the 30-year fixed rate. These mortgages are prime rate, Fannie Mae and FHA [...]
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Most borrowers have always been accustomed to getting 30-year fixed mortgage loans. Even when not practical, many still want the 30-year fixed rate. But for anyone moving/selling within 4 to 7 years, some thought should be given to a more short-term mortgage such as the 5/1 ARM or the 7/1 ARM. What is the 5/1 [...]
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