On this episode of The Loans Elevated Podcast, Broch discusses adjustable rate mortgages. Broch debunks some common misunderstandings about adjustable rate mortgages and shares how you can actually use them to strategically ensure that you’re not exposing yourself to more risk, despite them seeming more risky in the beginning, if you just plan for the future and set goals. Broch speaks about how a lot of people have a bad perception of adjustable rate mortgages because of what we seen during the mortgage meltdown. Broch reminds you that ARM loans look incredible different in modern day than they did back then. ARM’s used to be fixed for only a year and didn’t have caps on them and would often reach double digit rates easily. Broch states that ARM’s are not risky as long as you have done your research and understand what you’re getting into. Broch also mentions how the biggest difference from then to now is that the rate is not fixed for the entire 30 year term and recommends that you agree to a maximum of a 7 year fixed rate ARM. Speaking from an advantage point and Broch is constantly watching what’s happening in this area, Broch states that personally he has had more adjustable rate mortgages than fixed due to the fact that ARM’s oftentimes are lower in rate, meaning lower payment, than a 30 year fixed option. Broch advises you to investigate, educate yourself and ensure you know your options.
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Hosted by:
📢 Broch Lassig, Branch Manager NMLS340314
📢 TJ Heidenreich, Sales Manager NMLS1802412
📢 Ryan King, Loan Officer NMLS1870771
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CrossCountry Mortgage, LLC. NMLS3029 (www.nmlsconsumeraccess.org)
🔹 Disclaimer: The information in this podcast is for educational purposes only and not a substitute for professional financial, legal, or tax advice. Always consult with a qualified professional before making financial decisions.
