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Financing Your Home >ARMs

Here is a tip for those who are shopping for Adjustable Rate Mortgages (ARMs): the "margin" is almost as important as the initial rate. The margin is the percentage point above the average yields for Treasury notes on which future rate adjustments will be calculated.

Let's compare two hypothetical one-year ARMs. The first may have an initial interest rate of 7% with a 2.5 margin, while the second begins at 6 7/8% with a 2.75 margin. Both loans have rate caps of 2%. Suppose that at the end of the first year of the loan, the average of the one-year Treasury note yield has been 5 1/2%. For each loan, the lenders will add the margin to that 5 1/2% average yield. Thus the interest rate for first loan would increase from 7% to 8%, and the second would go from 6 7/8% to 8 1/4%. While the first ARM had a slightly higher initial rate, it will have lower rates in subsequent years, unless the Treasury note rates increase enough to activate the annual caps on the amount of the increase. There is a wide variance among margins in ARMs offered by competing lenders, and this should be a factor when you decide on your loan.

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Q	Where is the world's largest wine cellar, and how big is it?
A	A company in the center of the wine-growing district of South Africa has a cellar that covers an area of 54 acres and has a capacity of 27 million gallons.
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Warren and Julie Frerichs, REALTOR®, real estate agent and broker for Kinnelon, Pompton Plains and West Milford, New Jersey home listings, property and land for sale - NUMBER1EXPERT™

Warren and Julie Frerichs
Real Estate Consultants
277 Fairfield Road Suite 126
Fairfield, NJ 07004
973-610-4231
Fax: 973-492-1570
warrenfrerichs@NUMBER1EXPERT.com
The Frerichs Team serves the needs of buyers and sellers along the RT 23 Corridor. We have extensive knowledge of home construction, values, and local markets that can save you time, aggravation, and thousands of dollars. You could work with an average Realtor, or you could work with the best. Read our testimonials, review our site, and choose wisely. Put our expertise to work for you.

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