ADJUSTABLE RATE MORTGAGES are often maligned, dismissed outright and completely misunderstood. The truth is they are not all the same and can have great value.
Home buyers often focus on obtaining the lowest possible rate on a 30-year loan, but most mortgage loans are used for only three purposes. Cash out transactions for improvements, additions, repairs, weddings, tuition and major purchases occur with great frequency. If you think you might refinance for any reason anytime in the next seven years, read on.