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When buying a home – you’re bound to have many questions.For example, “In what area can I find a home that suits my needs?Obviously, this type of mortgage has more advantages when the initial interest rate is low and the future rate is not guaranteed.Government Loans Another mortgage option available to some people is a government loan, providing that you meet the qualifications for these loans.Plan ahead, and have your lender calculate what the maximum payment would be if your rate went to the highest amount allowed by the cap for your particular mortgage.If you are not confident you’ll be able to pay that amount on a monthly basis, perhaps you should reconsider this type of loan.Fortunately, the amount an ARM can increase is limited.There are “caps” on how much your lender can increase your rate, both for a period of one year and for the life of the loan.



The downside is that your payments will increase if/when the rates go up.Since an ARM rate rises and falls depending on the prevailing interest rate, your mortgage payment will rise and fall accordingly.If your income is not sufficient to cover the highest possible payments, then this option is not for you.It is in your best interest to investigate each of them to determine which is the best for your situation. Adjustable-Rate Mortgages (ARMs)If you are more comfortable in taking a risk with your money or if interest rates are very high at the time you take out your loan, an adjustable-rate mortgage (ARM) may be the solution for you.

You might also choose this type of loan if your planned ownership of the property is short-term or if you expect your income to increase to cover any potential rise in the interest rate.

When meeting with the seller or listing agent, keep your emotions in check.