Many of these options, and the sometimes predatory approach to lending, have been outlawed so the ARMs you see today are a distant relative of the ARMs of the housing crisis. Some of these options allowed for negative amortization so borrowers opting for the lowest rate ended up owing more on their loan than when they started. I spoke with Jake Ryon ( ) of First Home Mortgage about things he recommends to help bring down your rate.ĪRMs got a terrible reputation during the housing crisis because many borrowers didn’t understand the terms of their loan. While there isn’t much you can do to change your rate in a significant way, just like you can’t do much about the price of gas, there are some strategies you can use to help. Unfortunately, the current economic environment makes it more likely that rates continue to climb and most lenders I speak to tell me they’re expecting rates in the 7-8% range later this year. Question: Are there any good ways to lower my interest rate?Īnswer: I probably don’t need to spend time educating you on how high interest rates have gotten over the last 6 months (they’ve more than doubled in most cases), but we’re now seeing rates in the upper 5% to mid-6% range on most loans. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Please submit your questions to him via email for response in future columns. ![]() ![]() This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident.
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