Chicago, IL (PRWEB) August 29, 2013
The yield on the 10 Year Treasury Note has increased from a low of 1.72% in April to over 2.90% in August. Mortgage rates have followed this same trajectory with the rate on a 30 year fixed mortgage increasing from 3.0 - 3.25% to 4.50 - 4.75%. Home buyers, especially first time buyers attempting to maintain a low mortgage payment on a starter home purchase, are beginning to consider adjustable rate mortgages (ARMs). But ARM programs have been harder to find as many Wholesale Lenders removed these programs from their product menu due to low demand over the past 3 years. However, many Wholesale Lenders are now re-introducing new ARM programs with attractive features for borrowers. Brokers are increasingly using the free database at http://www.MortgageElements.com to research and find new ARM programs and their lenders.
There are a wide variety of ARM programs with different terms and features available to Mortgage Brokers through many Wholesale Lenders. Matching the right ARM loan with each borrower’s particular needs can save the borrower thousands of dollars over the life of the mortgage. However, researching the different terms and features of dozens of ARM programs from a couple hundred Wholesale Lenders can be a daunting task – but Mortgage Elements’ database makes that task easy. Not only can Mortgage Elements save Loan Officers and Brokers time researching and finding the right ARM program for their borrowers, it can also uncover opportunities to increase their business.
Most ARM programs generally range from an adjustment period of 6 months to 10 years. The most popular ARMs are the Hybrid 5/1 and 7/1 ARMs. They offer the security of a fixed rate for the first 5 or 7 years and then adjust annually. This gives the borrower a stable period before their rate starts to adjust. This is very desirable for a first time buyer purchasing their starter home and faced with the additional expense of furniture and window treatments. ARMS are also well suited for move up buyers who plan on selling and moving up to a bigger home within the next 5 to 10 years. To these borrowers, it makes no sense to pay for a higher interest rate on a 30 year fixed rate mortgage when they will only be in the home for 5 to 10 years. To find these ARM programs and research the details of their terms, http://www.MortgageElements.com is an excellent place to start.
Along with having extensive information on Wholesale Lenders and their loan programs, Mortgage Elements’ database is just as easily accessed from a iPad or tablet computer as it is from a desktop computer. This enables Loan Officers to conduct their research and view detailed guidelines when they are away from their offices and in the field.
About Mortgage Elements Inc.
Mortgage Elements Inc. is an Internet Marketing company that provides marketing, database, search, and consulting solutions for the Mortgage Industry through its website http://www.MortgageElements.com. The Company uses a unique website design optimized for touch screen technology and use on mobile devices, desktop, and laptop computers. Mortgage Elements is a B2B company for the Mortgage Industry and not a lender.
Mark Paoletti – Founder / President
Mortgage Elements Inc.