Consumption and Real Estate
Fixed and Adjustable Rate Mortgages Compared Interest Only
arm mortgage
(Best Syndication) This video will explain various mortgage options including a fixed rate mortgage (sometimes called a FRM), an adjustable rate mortgage (sometimes referred to as an ARM), and interest only loans. Although fixed rate mortgages are usually more desirable, there are instances…
I’m confused, I got a VA adjustable loan and I’m currently paying 5.25% on a $150,000 mortgage, now its soon to adjust, but I’m not sure how much VA loans adjust,my current balance is $122,000 and my home was currently appraised at $204,000. I was under the impression that if it went up it would go up the first year (it would adjust) 1% point and that would mean paying 6% on the remaining balance for a time and then it could go up 1% again (perhaps the next year) and it was capped, am I wrong?