First Time Home Buyer – Adjustable-Rate Mortgage

An adjustable-rate loan has its place in the market Usually there's a teaser rate where it's less expensive up front

If you have someone that can explain it to you and you can afford the worst case scenario if the rates upturn, it's not always a bad product If you know you're going to be in a home only a short period of time and can take advantage of that lower rate, it's not a bad product In a market, like 15 years ago when rates were 7 or 8%, you come into the market and the house that your family needs, you need four bedrooms and two baths and your kids are already in the school district where you have to spend at least $150,000 Fortunately, you only qualify for $120,000, but with an adjustable rate where we're gonna give you that lower rate you can get into the house Your wife's in school, she's gonna have her RN in a year

It's okay, you can absorb that payment It wouldn't be a bad thing to do that

Source: Youtube

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