Get a 7/1 arm for around 3.5% instead of a 30 year fixed rate @ 4.75%

The average homeowner is in their house for 5 years. A 7/1, 5/1 or a 3/1 is fixed for 7 years, 5 years and 3 years then it adjusts.

Just a FYI.

I have a client who is refinancing his existing loan to 3.5% for a 7/1 down from a 30 year fixed of 5.75% and it will save him $400 a month on his monthly mortgage payment.



Categories: boston real estate, mortgage rates, mortgages, refinancing

Tags: , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: