Friday, September 16, 2011

Funny Money: 5/1 ARM mortgage rates under 2.5 percent

Our associate lenders are sending us the latest mortgage rate sheets prior to this weekend.  5/1 ARM rates can be under 2.5% for qualified applicants.  This may be a good bet for a condo purchase. Low rates on 30 yr fixed and low jumbo loan rates make pricier houses and multi-unit purchases in great locations very attractive.  One of our buyer clients locked a 30 yr fixed this week at 4% on a house.

I might even consider buying a house or two-flat with the 5/1 ARM, use the savings for renovations, and refinance when the time is right.  There are a lot of options right now.

To ask questions and pre-approve for a mortgage contact:

Steve Dunnett, Loan Officer
NMLS ID: 755940

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