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Adjustable Rate Mortgages Are Back. Good or Bad?

Pamela Madore
Pamela Madore Mortgage
http://pamelamadoremortgage.com

Adjustable Rate Mortgages Are Back.  Good or Bad?

The answer to that question is probably "it depends".  What does it depend on?  I think it depends on the reason you choose to get an ARM loan.

Let me take a minute first and explain how an adjustable rate mortgage works.  Currently you will find that most ARMs are either a 5/1, 7/1, or 10/1 ARM.  Let's use the 5/1 ARM as an example.

On a 5/1 ARM your interest rate is fixed for the first 5 years and then it adjusts every year after that for the life of the loan.  There are limits on how much your loan can adjust called "caps".  Your loan will have an "index" and a "margin".  Common caps on a 5 year ARM might be 2/2/5.  I will explain that in a minute. 

The margin is a fixed number that you get at the beginning of your loan.  A common margin might be 2.25.

The same source of "index" is used over the life of the loan.  Unlik…

Tired of Renting? Save Money When You Buy!

Brook Place Condo 3200 Fleetwood A-14 Amarillo TX

Pamela Madore
Keller Williams Realty
http://iloveamarillo.com
806-290-1920

Brook Place Condo  3200 Fleetwood A-14 Amarillo TX
Brook Place Condos are one of the few condominium complexes in Amarillo.
 It is an established community that rarely has a unit available!

Take a look at this Spanish style two-story condo with 2 bedrooms, 2.5 baths, and a 2 car garage.  It has an upstairs balcony and a downstairs patio.

Brook Place has a clubhouse and a pool along with several ponds that are home to many ducks.  Sit on your balcony and watch them play in the pond.

Your new home is 1620 sq feet with an elevated office on the first floor, separate dining and large living room.  It has a rustic feel that you will love!

It is available for only $110,000.  Contact me for more information!


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://iloveamarillo.com
806-290-1920



Buy Your Home With Just 1% Down Payment! And No Mortgage Insurance!!

Do You Have Income, Credit, or Money? Two Of The Three Will Do It!

Pamela Madore
Pamela Madore Mortgage
806-290-1920
pamelamadoremortgage.com

Do You Have Income, Good Credit, or Money?

My career spans more than 30 years helping people buy or sell their home or refinance to maybe take some cash out or just to get a lower rate.

Over the last several years I have acted mostly as an Awesome Realtor.  I decided, however, recently that there are many people that aren't buying a house because they can 't qualify for a mortgage.

There are several lending institutions in Amarillo that do a fantastic job helping people get a mortgage for their dream home.   Unfortunately, they are limited on what programs they are able to offer.

Being a Mortgage Broker has it's distinct advantages.  If you come to me and tell me your situation, I can then go find a lender on your behalf that has a mortgage program to fit your needs.  Here are a couple of interesting ones that I have right now.  This is surely not nearly the extent of what I can do.

ITIN program for those wi…