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Sep14
ARM with a Balloon
Taffy Wagner September 14, 2006
Know More: FAQs, Mortgages, Types of Loans 2.0, FAQs
I understand that you can get an ARM and it might look attractive initially. But do most people plan for what is going to happen a couple of years down the road? I venture to say no because they are only thinking about their situation at that particular time. I have to admit I have heard of people getting an ARM to purchase a house. However, it would not have even crossed my mind that they would have an ARM with a balloon payment at some point. This means there will be a lump sum do at a certain time. Wait??? How could this be attractive based on their current financial status? Tell me if I am wrong, one of the reasons a person could choose an ARM is because they do not have access to a lot of money at the particular time they seek to purchase a house. Can someone share what the benefit would be to having an ARM with a balloon?

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