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201-8 Sampson Mews, Toronto, Ontario, M3C 0H5 647-691-5553 Website: https://www.gtamortgagepros.com Google Site: https://sites.google.com/site/bestmortgagebrokertoronto/ Google Folder: https://goo.gl/TPq557 Twitter: https://twitter.com/gtamortgagepros
Why Home Buyers Should Consider Adjustable-Rate Mortgages With interest rates on the rise, it may be time for home buyers to take a fresh look at some alternatives to the 30-year, fixed-rate mortgage, which has dominated the mortgage market since the financial crisis. While many out-of-the-mainstream loans got a black eye in the subprime debacle, today’s versions have been shorn of the toxic features—such as negative amortization and prepayment penalties—that tripped up many borrowers during the housing bubble a decade ago.
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Plan to move Experts say today’s adjustable-rate mortgages, or ARMs, as well as interest-only loans, are especially suitable for borrowers who expect to move before any rate increases can wipe out the savings in the early years. They’re also useful for sophisticated borrowers wrestling with uneven income, borrowers who expect their income to rise, or borrowers who are willing to bet they can invest their mortgage savings for a greater return elsewhere. “Many of the mortgage products that some may have thought slipped into extinction, such as interest-only loans, do still exist today, but in far less volume” than in the heyday of the subprime era, says Bill Handel, vice president of research and product development at Raddon Financial Group, consultant to the financial-services industry. Adds David Reiss, a law professor and academic program director at the Center for Urban Business Entrepreneurship at Brooklyn Law School: “The benefits of non-30-year, fixed-rate mortgages are legion.” A sweet spot Many borrowers can find a sweet spot, for example, in the so-called 7/1 adjustable-rate mortgage, which carries a fixed rate for seven years before starting annual adjustments. With a typical rate of 3.75%, the monthly payment on a $300,000 loan would be $1,389, compared with $1,449 for a 30-year, fixed-rate loan at 4.1%, saving the borrower $5,040 over seven years. Even if the loan rate then went up, it could take two or three years for higher payments to offset the initial savings, making the mortgage a good choice for a borrower likely to move within 10 years. Once annual adjustments begin, they are generally calculated by adding a fixed margin to a floating rate, such as the London interbank offered rate. “ARMs are very underutilized,” says Mat Ishbia, president of United Wholesale Mortgage, a lender in Troy, Mich. He expects the 7/1 ARM to account for 15% of new mortgages within the next few years, up from less than 5% today. Historically, ARMs become more popular as interest rates rise, making savings from the loan’s low initial “teaser rate” more attractive, he notes.
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Toronto Mortgages Contact Details: GTA Mortgage Pros 201-8 Sampson Mews, Toronto, Ontario, M3C 0H5 647-691-5553 Website: https://www.gtamortgagepros.com Google Site: https://sites.google.com/site/bestmortgagebrokertoronto/ Google Folder: https://goo.gl/TPq557 Twitter: https://twitter.com/gtamortgagepros Related Contents: mortgage broker toronto mortgage broker mortgage broker toronto mortgage brokers toronto best mortgage broker toronto toronto mortgage rates toronto mortgage toronto mortgages ontario mortgage broker mortgage broker ontario
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