For those who wonder if an adjustable rate mortgage is the right choice for them, you need to know that one of the main advantages is that the initial interest rate is lower than that of a fixed rate mortgage. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that a lower rate means lower payments, which may help you qualify for a larger loan. This is an important detail if you expect your future earnings to rise. A situation in which an adjustable rate mortgage makes sense would be if you are planning to own your house for only a few years, the risk of interest rate rising goes down. This means that you will get a better rate with an ARM, making it a good choice. However, if you plan on staying in your home for a long period of time, a fixed rate may be a better option. Check out below to see what sold in Northville Colony Estates in April 2018:
41871 Rayburn Drive, Northville: 4 bedrooms, 3.1 bathrooms, 2,046 sq. feet, 2 car garage, Sold Price: $340,000
Northville Colony Estates Home Sold
Be sure you know what your goals are in purchasing a home. Do your research when shopping for an ARM and consider the worst-case scenario. For more information on Northville Colony Estates, or similar Northville or Novi neighborhoods such as Lakes of Northville, Orchard Ridge Estates and Roma Ridge, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.