Adjustable Rate Mortgages If you are planning on staying in your Golden, Colorado real estate for only a few years, one enticing option is the adjustable rate mortgage, or ARM. With an ARM, you select a time period to lock in an extremely low rategenerally 3, 5 or 7 years. An ARM gives you a lower rate than a fixed mortgage, with the lowest being the 3 year ARM. The catch? After the 3, 5 or 7 years, your mortgage rate is adjustable, meaning it will change. And it seems odds are good that the change will not be in your favor. However, if you are planning on selling your home before the fixed time period is over, you could save yourself a lot of money in interest payments. If you are unsure how long you will be in Golden, a fixed-rate mortgage, usually in terms of 15 or 30 years, can be a safer, albeit sometimes more expensive, bet.
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