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New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.

Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.

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Michael and Rebecca Straley
Capitol Premier Realty
Licesed Realtor/Broker in the Commonwealth of VA
701 Kenmore Avenue #220
Fredericksburg, VA. 22401
Office: 540-479-4444
His Cell: 540-834-6263
Her Cell: 540-379-1949
Office Fax: 540-479-4445
All Contracts to : 800-657-0864
Email:: Michael@CapitolPremier.com
Email:: Rebecca@CapitolPremier.com

Contact me and let's talk. My goal is to listen, give you facts, and help you make informed decisions. I represent your best interest, there is no pressure, just good old fashion "red carpet" service. We can move as slowly or quickly as you wish, but first you have to call...or drop me an email and I will take it from there. It couldn't be any easier. Look forward to the opportunity to serve your real estate needs.