Comparing fixed rate and ARM mortgages will help your client choose the best home loan for their current needs and future goals.
According to the latest data from the Mortgage Bankers Association, 95% of borrowers select a Fixed Rate Mortgage, even though it may not be the best option for them. The most common loan originated is a 30 year fixed rate.
However the average lifespan of a mortgage is under 10 years. It’s very common for people to obtaining a new loan through a refinance or new home purchase prior to the end of the term.
Similar to national stats, ARM loans are not super common for our customers. But they are likely not as scary as they sound. Especially our long 10 year and 15 year ARM products as they are safe and will give you a competitive edge.
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