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Please Sign Up For The Latest Listings and the Latest Real Estate News How to Sell Your Condo in a Changing Market Location: Cafe Uno, 55 Mill St. Bldg 32, Upon Entering Mill St Gates, 1st Cobblestone Street on the Right Side. When: Wednesday, January 21, 2009 7:00 - 9:00pm Hosted & Sponsored by: Rachel O'Hearn, Re/Max All-Stars Realty Inc.
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Financing Your Home >Convertible ARMs
Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
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| Q |
What tropical haven is back in vogue, attracting celebrities like Cher, Madonna, and Sylvester Stallone, who have homes here?
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| A |
Made up of 17 islands in Biscayne Bay, Miami Beach is the "American Riviera" and famous for its tropical beauty. |
See More Real Estate Trivia > |
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Rachel O'Hearn and Leslie Benczik RE/MAX All-Stars Realty Inc. 2281 Kingston Road, 2nd Floor Toronto, ON. M1N 1T8 Phone: 416-597-0077 Fax: 416-342-0034 Email: Rachel@MyTorontoCondo.ca
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‡Leslie Benczik, Susan Taylor, Rachel O'Hearn, Alon Hillel, Rosemary Mauro, Tiffany Lee & Frances Kwong
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