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Financing Your Home >ARMs

Here is a tip for those who are shopping for Adjustable Rate Mortgages (ARMs): the "margin" is almost as important as the initial rate. The margin is the percentage point above the average yields for Treasury notes on which future rate adjustments will be calculated.

Let's compare two hypothetical one-year ARMs. The first may have an initial interest rate of 7% with a 2.5 margin, while the second begins at 6 7/8% with a 2.75 margin. Both loans have rate caps of 2%. Suppose that at the end of the first year of the loan, the average of the one-year Treasury note yield has been 5 1/2%. For each loan, the lenders will add the margin to that 5 1/2% average yield. Thus the interest rate for first loan would increase from 7% to 8%, and the second would go from 6 7/8% to 8 1/4%. While the first ARM had a slightly higher initial rate, it will have lower rates in subsequent years, unless the Treasury note rates increase enough to activate the annual caps on the amount of the increase. There is a wide variance among margins in ARMs offered by competing lenders, and this should be a factor when you decide on your loan.

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Q	Where is the world's longest spiral staircase?
A	The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps.
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Susan Massa, CRS SRES ABR Broker, REALTORŽ, real estate agent and broker for Westfield, Scotch Plains and Cranford New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Susan Massa, CRS SRES ABR Broker
Burgdorff ERA Realtors
600 North Avenue
Westfield, NJ. 07090
Phone: 908-233-6679
Phone 2: 908-233-1881
Cell: 908-400-0778
Fax: 908-233-7323
Email: susanmassa@NUMBER1EXPERT.com
email: smassa5207@aol.com
email: Susan@NJhomeShowcase.com
Susan Massa is a lifelong and fourth generation resident of the Westfield area. With more than 15 years of experience as a real estate broker, Susan is a terrific source of knowledge about area architecture, education, folklore, history, preservation, recreation, shopping, restaurants, economic development, real estate information and relocation to or from New Jersey. A graduate of Kentucky Wesley College, Susan has a Bachelor of Arts degree in marketing management. She also attended Fairleigh Dickinson University in Madison and Monmouth University in Long Branch for graduate studies in business, marketing and finance. A consistent top producer in sales combined with her outstanding marketing skills earned Susan membership in the prestigious New Jersey Association of Realtors (NJAR) Distinguished Sales Club. She received that honor for over ten years of membership in the NJAR Million Dollar Sales Club (Gold Level, 1987; Silver Level, 1986; Bronze Level, 1983, '85, '88, '92, '94-'97), and Circle of Excellence 2002. A strong commitment to the community, the public and the real estate industry has seen Susan honored with multiple awards including NJAR Realtor Associate of the Year, NJAR Community Service Award and Westfield Community Service Award.

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