|
|
Real Estate Resources:
Special Offers - Special offers for Bridgewater, Basking Ridge and Somerset County homeowners from John Bendall. Help Wanted - John Bendall's real estate office job openings. Mortgage Calculator - Quickly calculate how much your monthly and total payments will be with this calculator provided by Homes.com. TripleCalc - FREE Software Download: TripleCalc lets you compare three loans at one time for your property or other New Jersey real estate. Top National Real Estate Web Sites - Real Estate Web Sites that include some unique sources of realty information, listings, and more. Ask Anything - Ask John Bendall anything real estate. NUMBER1EXPERTS - List of all the NUMBER1EXPERT real estate agents and realty professionals and brokers in the USA and Canada with links to their personal web sites with homes for sale. Real Estate Tips - John Bendall's realty library of real estate tips and advice on everything from preparing your home for sale to negotiating with home buyers to escrow, closing costs, property inspections, and mortgage brokers. Real Estate Trivia - John Bendall's collection of real estate trivia questions and answers that include real estate topics such as the most expensive home, largest swimming pool, and more. Real Estate Dictionary - Complete real estate dictionary and glossary of realty words you'll use when you list and sell your Bridgewater, Basking Ridge and Somerset County property in New Jersey, including legal terms definitions, and more. Go to Main Sitemap - Main sitemap sections include Find Bridgewater, Basking Ridge and Somerset County Homes, For Home Buyers, For Home Sellers, Bridgewater, Basking Ridge and Somerset County Information, Real Estate Resources, and About John Bendall.
Financing Your Home >Convertible ARMs
Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
|
| Q |
What does the term ARM stand for?
|
| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
