Buying Highlands NC real estate often involves acquiring a mortgage, leaving a question is an ARM for you? An ARM is an adjustable rate mortgage. An ARM offers lower interest rates that will adjust to market rates in a future date to be determined. This type of mortgage is ideal for a buyer who does not plan on holding on to a property for long or a buyer who simply wants to lock in low rates and have low monthly payments.
If you are buying a starter home in Highlands NC and know that you only plan on being in the home for the next 2 to 5 years an ARM can make perfect sense. A 5/1 ARM at 3.25% for example, means that your loan will have an interest rate of 3.25% for the next 5 years, after which the loan will start adjusting up. The risk is that you will reach the 5 year point and decide not to sell at which point rates could be higher.
Contact us today to learn more about financing Highlands NC real estate. Rates are still extremely affordable and there are some fantastic homes currently listed for sale. We can help recommend reputable lenders in our area and help you get started on your Highlands real estate search at the same time.
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