Home Loans
Adjustable Rate Mortgages: Five Things You Need to Know
(presented by www.refinance-refinance.net - mortgage lenders)
By Louie Latour
If you are a homeowner with an Adjustable Rate Mortgage (ARM), or are considering taking out an adjustable rate mortgage, there are five things you need to be aware of before diving in. Here are five things to know about your ARM.
Interest Only Mortgages
Most of the adjustable rate mortgages on the market amortize interest and loan principal at the same time. Interest only mortgages do not pay back the loan principal during the interest only period. Your monthly payments will be significantly lower during the interest only period; however, at the end of the interest only period, which can last anywhere from one year to five years, your monthly payment amount will increase significantly. This can come as a shock to many homeowners that pushed that
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