Mortgage Rates and Programs: The Much Maligned ARM

As promised last week, today marks the second installment in our weekly article on mortgage programs and rates.  This week we will be discussing the Adjustable Rate Mortgage Loan, or ARM.

Its almost laughable how bad a rap the ARM has been given by the media.  This program has been saddled with the blame for most of our financial mess, though in reality it never had as much to do with the loan program as it did with the types of people that were able to get these programs at that time, who probably should have been buying homes at all!

Today, ARM’s are generally only given to high quality loan candidates, and are best used if you have a plan for the property that you are buying that involves moving again within 5-7 years.  Read Below for the rates, overviews of the loan programs, and the best ways to use them.