For Sale By Owners and Buyers Welcome !



  Six-Month Adjustable-Rate Mortgage

This adjustable-rate mortgage (ARM) offers a low initial interest rate for the first six months with an interest rate that adjusts every six months thereafter. The rate caps per adjustment can be 1 percent or 2 percent; the lifetime adjustment caps can be 4 percent, 5 percent, or 6 percent. This type of mortgage may be right for you if you anticipate a rapid increase in income over the first few years of your mortgage. That's because it lets you maximize your purchasing power immediately. It may also be the right mortgage for you if you plan to live in your home for only a few years.

The interest rate is tied to a published financial index. When comparing ARMs that have different indexes, look at how the index has performed recently. Your an approved lender can provide information on how to track a specific index and how to review a 15-year history of the index.

Advantages:

-- Maximizes your buying power immediately, especially if you expect your income to rise quickly in the next few years.
-- Lets you select an index that meets your financial needs.
-- Easier to qualify for due to a low interest rate and a 1 or 2 percent annual rate cap.

Some six-month ARMs let you convert to a fixed-rate loan at certain adjustment intervals. Ask your Fannie Mae approved lender which of their six-month ARMs include this option. Your lender can also provide further specifics about this mortgage option.

Details:

-- You can get a six-month ARM with a term of 10 to 30 years. Typically, they are 10, 15, or 30 years.
-- Can be used to buy one- to four-family, owner-occupied principal residences including second homes, investment properties, and condos, co-ops and planned unit developments.
-- Manufactured homes are also eligible. (Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.)

 

[ Back To Real Estate Glossary ]

HOME
SCPalmettoGroup@gmail.com The Palmetto Group
Saint Matthews Real Estate and Homes For Sale on ViewMyListing.com
Ok let's face it, Gas prices are HIGH and Increasing ! So if you where thinking of buying or selling your Real Estate in the Orangeburg Lexington Columbia area, let's calculate some figures to make a better educated decision. Enjoy !
Current Cost of Fuel
$
Do You Plan to Buy or Rent?
Loan Amount of Home in Town A
$
Loan Amount of Home in Town B
$
Mortgage Interest Rate
%
Commuting Details (more info)
Add this calculator to your site. Download it here.
South Carolina real estate directory
palmetto

Click Here for your Realty Times News Letter.

Who links to my website?
SCIway – South Carolina's Information Highway
SCIway
MSN Search
palmetto
Ask.com
ABC Real Estate Directory
Saint Matthews Real Estate and Homes For Sale on ViewMyListing.com  Valuecom Real Estate Gold
Google
"Because of Heavy activity in our market, some of these listings may already be under contract. Please email or call us to find out the current status of any listing in which you are interested.
Thank You ! The Palmetto Group


Listings/Foreclosures | Orangeburg MLS | Columbia MLS | Commercial Listings | Freddie Mac Listings | Closed Listings | Lots & Land | Buyer/Seller Info | Market Analysis | Mortgage Rates | Dream Home Maker | Mortgage & Insurance | The Brer Pools | Colonial Structures | Photos & Developments | See Our Agents | Contact Us | Employment | Guest Book | Community Info | Schools | Weather Report | Local Phone Numbers | Helpful Things | Help in Relocating | Mortgage Calculator | Helpful Documents | Yahoo City Comparison | Link To Us | Real Estate Links | Home

Real Estate Websites by iHOUSEweb, Inc. ®

Site Admin Menu