First Time Home Buyer – Adjustable-Rate Mortgage

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

If you have someone that can explain it to you and you can afford the worse-case scenario if the rates upturn, it's not always a bad product If you know you're going to be in a home for 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%; so you come into the market and the house that you your family needs, you need 4 bedrooms and 2 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 are going to give you that lower rate, you can get into the house Your wife's in school, she's going to have her RN in a year, it's OK, you can absorb that payment

It wouldn't be a bad thing to do that