Afford More House & Lower Your Payments with an ARM
The Spring Selling Season is moving into high gear while the Boston area real estate market is showing little signs of cooling down. Prices are still up double digits over last year, although some houses are staying on for longer. Hot properties continue to go quickly and over-asking while interest rates on a conventional 30-year mortgage remain around 6%. The good news is that lenders have a number of options that can help you afford more house AND lower your monthly payment. In the included chart, we compare three mortgage options for a buyer with a good credit score, putting 20% down on a $906,250 - $937,500 home. As you can see, after your 20% down payment, you can actually afford more with a lower payment when you opt for a Jumbo loan or a 7/1 ARM. So contact your lender and decide what financing option is best for you. It's nice to know there are ways for you to get creative to buy a home in this hot real estate market.
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