Whether you are searching for a home, condo, second home, or second home condo, we want you to understand that you have options when it comes to financing. Most Realtors in the Myrtle Beach area stay away from financing alternatives for their clients. They offer very little solutions to make to assist in the transaction. We at Beach Realty Group pride ourselves on assisting home buyers and existing home owner past clients in finding the best mortgages to save them the most money over the long haul to a debt free life. Nearly 33% of homeowners in America own their homes outright, and we would like to see our clients become more knowledgeable on how to reduce their interest rates and apply more money toward principle balances.
One of the options looks fantastic for those of you that are searching for a home in Myrtle Beach now, and don’t plan on moving here for 3-5 years. We hear this all the time from baby boomers that are retiring soon. The 5 year ARM (Adjustable Rate Mortgage) may be your best alternative. Rates are based on a different index than 15 and 30 year fixed, and we are currently seeing the rates come in around 3% instead of 4.5% for 30 year fixed. With the 5 year ARM your rate is fixed for 5 years, and then it will adjust after 5 years. This type of loan caused problems with many during the real estate boom in Myrtle Beach of 2004-2006, so this may not be the best option for investors. This does remain to be a great option for those of you searching for a way to qualify for a more expensive home in the Myrtle Beach area now with the intent of paying the home off once you retire, and sell your home wherever you are from.
For more information on the 5 year ARM search this 5 year ARM site, and don’t forget that we are Realtors that offer you more options that any other agent in the Myrtle Beach area. For more information, search our Buyer’s Advantage Program, and call us at 843-267-4627 to set up an appointment.
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