As the real estate market continues to rebound, new mortgage products are becoming available to home buyers. Academy Mortgage is pleased to be able to offer today’s buyers the option of selecting an adjustable rate mortgage, also known as an ARM.
Although adjustable rate mortgages received negative publicity during the downturn, they can still be very beneficial to the right home buyer. Young professionals or young families are two of the groups that can often benefit from this type of mortgage, which historically have lower rates than a 30-year fixed rate mortgage.
For example, if a family knows that they will only be in their home until their child graduates high school and moves away to college, then an ARM would be a great fit. If the family purchased a home priced in the high $200,000s or low $300,000s and chose a seven-year adjustable rate mortgage instead of a 30-yaer fixed-rate mortgage, they could save $200 to $300 per month. This amounts to substantial savings over the lifetime of the loan. Currently, Academy Mortgage is able to offer these adjustable rate mortgages for as little as five percent down.
As Academy Mortgage is able to expand its product guidelines, they are able to help more buyers become homeowners by being able to offer more products with lower down payments.
For more information on adjustable rate mortgages or other loan products available from Academy Mortgage, contact their Atlanta office by calling 404-713-8662 or visit www.AcademyMortgage.com/Atlanta.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.