The Mortgage Tip of the Week is brought to you by Northern Credit Union

Mortgages are a significant financial commitment and understanding various aspects of the mortgage process can help buyers make informed decisions! The Mortgage Tip of The Week is concise, informative, and provides new tips or insights each week into different aspects of mortgages leading to better financial choices!

This Mortgage Tip is brought to you by the Jefferson Lewis Board of REALTORS® and Northern Credit Union. I discussed fixed-rate mortgages last week. This week I will focus on adjustable-rate mortgages or ARMs. Hi, I am Lance Evans from the Jefferson-Lewis Board of REALTORS®. The ARM is currently used much less often, however, with interest rate fluctuations, they might be worth a look. ARMs typically come with a low introductory rate, but it is not a “forever” rate like fixed-rate mortgages. The introductory rate usually lasts for three, five, seven, or ten years. Once that is over, the rate will change at regular intervals usually every six or twelve months. The adjustments are usually tied to a stock market or financial index. While the biggest difference between fixed-rate mortgages and ARMs is the monthly payment, there are others I will look at next time. Knowledge will help you Dream It, Live It, Own It in Northern New York. This Mortgage Tip is brought to you by Northern Credit Union. If you are building, buying or refinancing, we offer meet or beat rates, guaranteed!