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SOUND ADVICE FOR THOSE LEARNING ABOUT LOANS
[STATEWIDE Edition]
Hartford Courant
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Hartford, Conn.
Abstract (Document Summary)
One of the best products for new buyers is an adjustable-rate mortgage, called an ARM, offered by the Federal Housing Administration, according to [Walter Vail]. Adjustable-rate mortgages offer a lower interest rate - often 3 percentage points below a fixed-rate mortgage - which fluctuates based on some standard such as Treasury notes. Another mortgage option that has become increasingly popular is the so-called "two-step loan." This loan offers a fixed, but lower-than-market rate for a period of time, say seven years. The mortgage then converts to a fixed-rate loan at market rate for the next 23 years. "Two-step" mortgages offer initial monthly payments that are lower than a 30-year fixed, although not as low as ARMs. But unlike ARMs, they let borrowers know what they will be paying on their mortgage every month. Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.
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Hartford Courant, 285 Broad Street, Hartford, CT 06115