Latest / Selling Sacramento: Market Clarity with Agent Kee
Part 1 of 3: Adjustable-Rate vs. Fixed-Rate Mortgages: How to Compare Payments
Mortgage rates are more than a full point higher than a year ago, and more borrowers are considering adjustable-rate loans to lower their starting payment. Agent Kee compares a fixed rate against an adjustable rate on a $440,000 loan. She shows the monthly savings in the first seven years and the payment at a rate reset and at a lifetime cap. She also walks through six questions drawn from the Consumer Financial Protection Bureau’s handbook on adjustable-rate mortgages, so you can test any loan offer yourself.
Figures cited are Freddie Mac’s 30-year average of 7.40% for the week of October 8…
The skinny
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