An overlooked tool to make your home purchase more affordable

With interest rates much higher now than they have been over the past few years, your monthly payment is higher, forcing you to make a tough decision about the home you're buying. A way to drop your rate down is with an ARM, or adjustable rate mortgage. This could be the solution needed to get your rate back down and shop for the home you really desire. These loans start with a low fixed rate for an initial period of time from 5, 7 or 10 years, and will then adjust, usually higher. You can pick the fixed rate period that coincides with the amount of time you plan to be in the home. You sell before the rate adjusts up and reap the benefits. Alternatively, if you decide to stay beyond the initial fixed period, you have the option to refinance into another loan program that is more attractive at the time. 
Each lender will offer a different program and have their set of requirements. And, since everyone's situation is a bit unique to them, it can take some discussion with an agent and lender both, to determine the right path forward. 

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