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Real Estate Tips
Financing Your Home >Convertible ARMs

Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.

Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.

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Real Estate Trivia
Q 
What makes the structure of the Hoover Dam unusual?

A 
The Hoover Dam was built to last 2,000 years, and is constructed of concrete that will not be fully cured for another 500 years.
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Ellen and Mike Butters, REALTOR®, real estate agent and broker for Culpeper, Madison County and Orange County, Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Ellen and Mike Butters
RE/MAX Crossroads

810 S. Main St.
Culpeper, Virginia 22701
Main Office: 540-825-1800
Ellen Direct: 540-718-6608
Mike Direct: 540-718-6609
Home Office: 50-948-5540
Fax: 888-295-2127
ButtersTeam@NUMBER1EXPERT.com
ButtersTeam@mris.com

The Experts for Culpeper, Madison, & Orange Counties. Licensed in the Commonwealth of Virginia

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