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In the field of home financing, "hybrid" mortgages have grown in popularity with homebuyers. With interest rates gradually rising in today's market, the hybrid mortgage product saves money, provides a period of fixed-rate security and helps buyers qualify for financing.
Hybrid mortgage loans offer a very low fixed-rate for a period of time, usually from 5 to 7 years, then revert to an adjustable rate mortgage (ARM) for the remainder of the term of the loan. The interest rate is typically lower than with a 30-year fixed-rate loan, and the borrower has the assurance that the rate will not change for a period of years. Such a loan works well for buyers who plan on reselling the home within a finite period.
Other specialty mortgages now available include an ARM loan with a provision allowing it to be converted to a fixed-rate loan when that is a practical step for the borrower. Still others offer an interest-only loan that requires payments to be made on the interest only for a specified number of years, then reverts to an amortized loan with interest and principal payments each month. Consult with an experienced mortgage professional to determine whether one of these loan products will meet your needs.
Pili Meyer Coldwell Banker Uptown Realty 1115 E Front St Port Angeles, WA. 98362 800-292-2978 360-417-2799 Fax: 360-452-8665 Email: Pili@PiliMeyer.com
Pili Meyer is in top 10% of Coldwell Banker agents nationwide! The Olympic Peninsula is her passion so you can count on her experience to provide successful services in the Olympic Peninsula area. Call or e-mail her today!
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