February 10th, 2014 12:37 PM by BILL WILBANKS
There are certainly many other examples. These can be very viable options for anyone having a need for a mortgage for only five, seven, ten years or even less.
Still haven't gotten your attention yet?:
Example: A $200,000 mortgage on an 5/1 ARM with a start rate of 2.75% reduces a like fixed rate (4.125% at press time) payment by $152.82 per month ($969.30 vs. $816.48) or $9,169.06 savings over the period of the initial 5 years. Even if you finally decide to stay on a traditional fixed rate product it's worth looking at the numbers. Reviewing your options to arrive at what's the right fit for you is a must in today's market.