Adjustable Rate Mortgages Grow in Popularity
Said LendingTree Chief Consumer Officer Brian Regan, “We’re seeing an increase in the demand for adjustable rate mortgages, and this makes sense for many consumers as rates start to rise. However, there are important issues to consider when determining if an ARM is right for you.”
Perhaps the paramount issue for borrowers to consider is how long they plan to stay in the home.
Said Regan, “Today, the average length of home ownership is about six years. If you only plan to be in a house for a few years, an ARM could be the best choice. You can secure a lower interest rate for a set amount of time, five years for example, before the rate can go up. On the other hand, fixed-rate mortgages are still a great option if you’ve found a home you plan to stay in for a long time.”
EDITOR’S NOTE: LendingTree Chief Consumer Officer Brian Regan can offer more detail about the pros and cons of ARMs and other mortgage offerings, and is available for on-air and print media interviews.
About LendingTree, Inc.
Founded in 1996, LendingTree, an operating business of IAC/InterActiveCorp (NASDAQ: IACI), is the leading online lending exchange that connects consumers, Lenders, REALTORS®, and related service providers. The LendingTree exchange is made up of more than 200 banks, lenders, and brokers (Lenders) and has facilitated nearly $75 billion in closed loans since inception. The company’s Realty Services offering connects consumers to a nationwide network of more than 700 real estate companies and approximately 10,000 REALTORS®