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Financing Your Home >Hybrids Offer Low Rates
In the field of home financing, "hybrid" mortgages have grown in popularity with homebuyers. With interest rates gradually rising in today's market, the hybrid mortgage product saves money, provides a period of fixed-rate security and helps buyers qualify for financing.
Hybrid mortgage loans offer a very low fixed-rate for a period of time, usually from 5 to 7 years, then revert to an adjustable rate mortgage (ARM) for the remainder of the term of the loan. The interest rate is typically lower than with a 30-year fixed-rate loan, and the borrower has the assurance that the rate will not change for a period of years. Such a loan works well for buyers who plan on reselling the home within a finite period.
Other specialty mortgages now available include an ARM loan with a provision allowing it to be converted to a fixed-rate loan when that is a practical step for the borrower. Still others offer an interest-only loan that requires payments to be made on the interest only for a specified number of years, then reverts to an amortized loan with interest and principal payments each month. Consult with an experienced mortgage professional to determine whether one of these loan products will meet your needs.
Fred Haywood Fred Haywood Realty 215 Pulehu Nui Rd. Kula, HI 96790 Main Phone: (808) 579-8848 Fax: (808) 579-6210 Cell: (808) 870-4904 Fred@FredHaywood.com
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Born and raised on Maui, Fred Haywood is committed to helping you buy or sell your Maui dream home in the highest professional manner, with total integrity and knowledge.
Fred Haywood's team has sold 150 million of real estate in the last 5 years. Fred has been selling Maui Real estate for over 30 years and is ready to help you with all your Maui real estate needs.
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