ARMs Favored for New Home Loans Last Year
More than half of all new home financing last year involved adjustable rate mortgages--a trend that shows few signs of slowing this year, according to Bank of America.
To educate consumers about the advantages and pitfalls of adjustable rate mortgages, the bank has prepared a report, “Shopping for Adjustable-Rate Credit,” available free at bank branches or by mail for $1 (to cover postage and handling) from Bank of America, Dept. 3120, Box 37128, San Francisco 94137.
Consumers are cautioned to assess their current financial situations and expectations before they sign up for an adjustable loan, the report cautioned. A checklist of questions is provided to help consumers determine such factors as overall and periodic interest-rate caps.
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