Title : Why Are Adjustable Rate Mortgages Still Being Sold?
link : Why Are Adjustable Rate Mortgages Still Being Sold?
Why Are Adjustable Rate Mortgages Still Being Sold?
Our country is still trying to overcome the mortgage meltdown and stop home after home from being foreclosed on. Adjustable rate mortgages (ARMs) were one the leading causes of the mortgage meltdown. ARMSs are exactly what they sound like. They are mortgages that do not have a fixed interest rate for the whole loan term. The typical adjustable rate mortgage lures an unsuspecting borrower in with a low fixed interest rate for the first five to ten years. After the fixed interest rate period the interest rate then becomes variable. Variable to a mortgage company means the interest rate will increase and you will have to make higher mortgage payments. Many new homeowners were able to afford the fixed monthly mortgage payments during the first five years, but when the interest rate adjusted up many homeowners could no longer afford to keep their homes. This led to thousands if not millions of foreclosures.
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