Adjustable Rate Mortgage? Don't Panic.

September 1, 2023

Adjustable Rate Mortgage? Don't Panic.

If you were a homeowner during the crash, you may remember adjustable rate mortgages. Headlines are saying that they're making a comeback, but you don't need to worry that this is 2008 all over again.

Take a look at this. This graph shows the percentage of all loans that are adjustable rate mortgages going back to 2021. You can see how a ton of people are on the type of loan a few years ago, but last year they became more popular as mortgage rates jumped up. Here's why some homeowners decided to take out this type of loan because traditional borrowing costs were high and an adjustable rate gave them a lower rate. But, these loans aren't like the ones you had before where you didn't have to qualify and you were able to get a loan that you may not even be able to afford.

According to Laurie Goodman at Urban Institute. The adjustable rate mortgages you have right now are no riskier than any other mortgage option. That's because today's buyers actually have to qualify for their loans and prove that they can pay them back.

As always, it's best to consult with your team of professionals to determine what type of loan is the best fit for you. I am blessed to work with the best of the best loan officers in our business. Reach out if you’re ready to get the ball rolling and connect with an outstanding mortgage loan officer.

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