http://ezinepowerpublisher.com/ Articles at Article Directory - Ezine Power Publisher en-us http://ezinepowerpublisher.com/finance/mortage/using-rent-to-own-as-an-option.html http://ezinepowerpublisher.com/finance/mortage/using-rent-to-own-as-an-option.html Fri, 22 Jan 2010 13:40:59 -0600
Additionally, as homes for sale by owner (FSBO) are everywhere you look, few sellers realize the benefits of rent to own or lease purchase (perfect for FSBO sellers with a home that needs repairs, a home with zero, little or negative equity, or a house in a buyer’s market). If your home is available as a rent to own home, it will increase the demand, as there is no database that has all the rent to own homes listed. Nine times out of ten lease option homes will not be listed on the MLS.

Overall, the best thing to keep in mind is that the more options that you offer a prospective buyer, the better off you will be. If they begin as a tenant, and in 12-24 months, they become a buyer, all the while covering your mortgage and caring for your home, is that such a bad thing in today's market? These are questions that you need to ask yourself if you want to move your home.

If you are going to venture into this with a real estate agent, tell them exactly what you want, and have them work for you. Have them list your home as a Sale or Lease Option (same as rent to own), and let them show you the paperwork and go over it in more detail with you. If you decide to venture it alone, discuss it with your attorney so they provide you with the proper paperwork needed to do this in your state. This basically becomes a venture of selection; selection of buyer, of seller, of attorney, of the proper documents, and so forth.

Please take a solid look at Rent to Own and begin breathing easier!

Regards,
Rob ]]> http://ezinepowerpublisher.com/finance/mortage/after-2-weeks-of-large-increase-mortgage-rates-fall-again.html http://ezinepowerpublisher.com/finance/mortage/after-2-weeks-of-large-increase-mortgage-rates-fall-again.html Thu, 02 Jul 2009 18:19:34 -0500
Jun 18, 2009
30-yr 5.38 15-yr 4.89 5-yr ARM 4.97 1-yr ARM 4.95

Jun 11, 2009
30-yr 5.59 15-yr 5.06 5-yr ARM 5.17 1-yr ARM 5.04

Jun 04, 2009
30-yr 5.29 15-yr 4.79 5-yr ARM 4.85 1-yr ARM 4.81

May 28, 2009
30-yr 4.91 15-yr 4.53 5-yr ARM 4.82 1-yr ARM 4.69

May 21, 2009
30-yr 4.82 15-yr 4.50 5-yr ARM 4.79 1-yr ARM 4.82

Dec 18, 2008
30-yr 5.19 15-yr 4.92 5-yr ARM 5.60 1-yr ARM 4.94

So why are mortgage rates dropping? Basically for the last few weeks the economy has been improving and consequently we have seen mortgage rates increasing. In addition to that the government held a few bond auctions that went poorly which also provided upward pressure on mortgage rates. In the last week we have seen some signs the economy might not be recovering as cleanly and quickly as first hoped which has the effect of pushing mortgage rates down.

In addition to mortgage rates it's always nice to look at actual mortgage payments. We took today's rates and used a mortgage calculator and turned them into mortgage payments for a 200k loan. We also did the same thing with rates from June 11th (last week) and rates from December 18th (6 months ago).

Jun 18
30-yr $1120.56
15-yr $1570.15
5-yr ARM $1069.97
1-yr ARM $1067.53

Jun 11
30-yr $1146.89
15-yr $1587.84
5-yr ARM $1094.51
1-yr ARM $1078.53

Dec 18
30-yr $1096.98
15-yr $1573.26
5-yr ARM $1148.15
1-yr ARM $1066.32

As we can see payments based on 30 year mortgage rates the monthly payment on a 200k loans is about $26 dollars lower than they were last week.

So what is our advice? First of all I would still recommend 30 year mortgages. While rates on 5 and 1 year arms are lower I still expect rates to be much higher in 1 year and 5 years from now. So basically it's not worth the risk of having to refinance in a few years. Although rates are higher than they were a few weeks ago they are still near historical lows.

As always it's hard to predict what is going to happen moving forward. I would expect volatility in rates over the next month as we figure out whether the economy is one the road to recovery. Once the economy recovers we expect rates to increase rapidly. The government borrowed 50 cents of every dollar it spent this year. That mountain of debt should lead to higher interest rates. ]]> http://ezinepowerpublisher.com/finance/mortage/value-marketing-for-mortgage-brokers.html http://ezinepowerpublisher.com/finance/mortage/value-marketing-for-mortgage-brokers.html Tue, 30 Jun 2009 04:38:07 -0500
So, what methods are these future clients using to find you? If they are 'old school', they are going to their bank. And we all know that's due to lack of knowledge. These people have not been told about the advantages of using a mortgage broker yet. Educated people, the next generation and even the baby boomers all understand the advantages of using a mortgage broker already, BUT, they are not using the 'old school' methods. They are not driving to their local store to purchase a newspaper for the classifieds, they aren't checking into the Yellow Pages as often and they are certainly not driving the main roads to find a mortgage sign. They are all going on line. That's the first place the majority of people now go to find anything and everything.

But, what if your mortgage website is not on the first page of all the major search engines? Let's face it, not every single website can be on the first page. So how do you get these internet savvy clients to your website if all you have is a one pager your brokerage gave you off their main website? The best way is to have your very own commercial on the internet that drives these people to your website. This concept is fairly new, but extremely effective and the best part is....the value! For about the same price you would pay for a small ad in your local newspaper, you can now have a flashy, eye catching, memorable commercial that expands the globe. If there was a family in another Province or out of the country needing to relocate, they can find you now. What if someone in Crossfield was moving to Pincher Creek? They would likely want to work with someone in that area.

The concept is so simply and the value is so great, it's hard to pass it up and I just had to share it with you. So far, I have received 7 inquiries and 4 of them are closing within the next two months. I've had my commercial for 4 weeks now on www.albertamortgagetv.com under Lethbridge so, not only has it paid for itself, it's making me think about getting a couple more. Right now, I'm the only one on there, which means I'm going to keep getting all the inquires that come from Pincher Creek, Crowsnest Pass, Coaldale, Taber, Beaverlodge, Coalhurst, Blairmore, Medicine Hat and who knows where else come right to me!

I keep track of my hard earned advertising dollars and this is one of the best methods I have had the luck in finding. The commercial site is geared to be on the first page of all the major search engines, so you don't have to worry about where your website or contact information is. The commercial sends them there or, your client can go directly to you from the commercial. There are a couple of similar sites out there, but the commercials put me to sleep before I could get to the contact information.

The greatest part of it all is that it also promotes mortgage brokers and associates, so, right there, your future client is actually being educated on your behalf, finally! Another great advantage is the exclusivity. You are not competing with the 1,200 mortgage associates in Edmonton or Red Deer,or even those in Camrose, Grande Prairie, Fort McMurray or Leduc, there are ONLY nine commercials for each city or region of a city. Now, the value of your commercial just increased. I think this website is one of the best ideas going, especially knowing that my future clients are all on line and I don't need to spend thousands of dollars on a fancy website or buy hundreds of dollars on search engine optimization - the commercials have that built in.
]]> http://ezinepowerpublisher.com/finance/mortage/take-a-holiday-from-your-mortgage-with-help.html http://ezinepowerpublisher.com/finance/mortage/take-a-holiday-from-your-mortgage-with-help.html Thu, 25 Jun 2009 23:08:26 -0500 What is a mortgage payment holiday?

Many of today's mortgages come with a feature known as a mortgage payment holiday. This allows the borrower to, on occasion, delay making a mortgage payment for a set period of time. A mortgage payment holiday must be agreed by the lender and it's only ever a temporary arrangement.

Why would I take a mortgage holiday?

Basically, during months when you know money will be tight, you can take the pressure off yourself a little by deferring mortgage payments and allocating that money elsewhere. For example, to cover Christmas bills, to pay for a holiday, or to get your car fixed.

How long does the mortgage holiday last?

The length of the break will depend on your mortgage lender. For example, Northern Rock allows a one-month payment holiday every year, while Halifax offers up to six months over the life of the loan.

Factors that determine how long a holiday you can take include what lender you're with, the features of your particular mortgage deal, and payment history.

The downside of mortgage holidays

There's no such thing as a free lunch - or a free holiday! When you suspend payments, the interest on your loan continues. This means at the end of a mortgage holiday, your mortgage debt will be higher because any unpaid interest will be added. Therefore, when you recommence paying the mortgage, repayments will increase.

How to I apply for a mortgage payment holiday?

Contact your lender and ask if you can take a mortgage holiday. It may already be a benefit of your particular mortgage, in which case it could be arranged there and then.

If not, it may still be possible to arrange a holiday. Due to the current financial climate, the government is putting pressure on all banks to help struggling homeowners by allowing flexible payment options.

Homeowner Mortgage Support Scheme

For those with more serious financial worries, a simple mortgage repayment holiday may not be enough. The government has promised to help reduce home repossessions during the downturn by introducing the Homeowner Mortgage Support Scheme.

This initiative has been designed to help people who have suffered a loss of income on a temporary basis due to the economic recession, by deferring part of your mortgage payments for up to two years.

There are eligibility criteria you have to meet to receive this assistance, however, and the government will not be making your payments for you.

The reduction in payments will be added to the principle of your loan, to be paid back at a later date when your finances are in a better position.

This might be a good alternative to a mortgage repayment holiday for those with more serious financial worries.

Do you really need a holiday?

As mentioned before, there's no such thing as a free holiday. Always remember that if you take a mortgage repayment holiday your mortgage debt will grow, which means your monthly repayments will also grow. So always weigh up this fact and assess whether you can afford the increased repayments before taking the mortgage holiday plunge. ]]> http://ezinepowerpublisher.com/finance/mortage/guide-to-stamp-duty.html http://ezinepowerpublisher.com/finance/mortage/guide-to-stamp-duty.html Thu, 25 Jun 2009 22:49:05 -0500
The exemption, previously on properties up to £125,000, had been due to end in September.

But what is stamp duty? How much does it cost? And how does it affect you?

What is stamp duty?

Stamp duty, officially known as stamp duty land tax, is the tax you pay when buying property or land in the UK. It's charged at different rates according to the price of the home or land you're buying.

You must pay the tax within 30 days of completing the purchase:

Between £175,001 and £250,000* Stamp Duty % = 1%
Between £250,001 and £500,000 Stamp Duty % = 3%
Over £500,001 Stamp Duty % = 4%

*Due to revert to between £125,001 and £250,000 from 01/01/2010

So, if your new home costs £200,000 you'll pay stamp duty of £2,000. If your house costs £300,000 you'll have to pay £9,000.

Does everyone have to pay stamp duty?

Not everyone has to stump up - there are some exemptions. If you're buying a home for up to £175,000, you won't have to pay stamp duty - saving you up to £1,750. But the threshold at which the tax kicks is due to fall back to £125,000 from 2010.

You're also exempt from paying stamp duty if your home costs less than £500,000 and is carbon-neutral. Environmentally friendly properties costing more than this get a reduction of up to £15,000. But you must have a zero-carbon home certificate from an accredited assessor to qualify for the perk.

Stamp duty was previously waived for people buying a property costing up to £175,000 in a designated Disadvantaged Area. This no longer applies as the tax is being waived on all properties costing up to this threshold until the end of December, regardless of location.

5 top tips on stamp duty

1. Budget for it

Stamp duty can be a significant extra burden on top of the other costs associated with buying a house, such as lawyers' fees and home insurance. So, make sure you budget for it.

2. Add it to your mortgage

It's possible to add stamp duty to your mortgage - some lenders may even offer to pay it for you. But remember, if you borrow extra you'll be paying interest on it for the rest of your mortgage term, which could be 25 years. Doing it this way will cost you significantly more in the long run, so try and save the cash and pay it up front instead.

3. Know how much to pay

Be aware of the thresholds at which the different rates kick in. Buying a house for £249,000 will cost you £2,490 in stamp duty. Buy a home for just £2,000 more at £251,000, and your stamp duty bill will soar to £7,530.

4. Make the most of Government exemptions

If you're thinking of getting on the property ladder - act fast!

You'll only be exempt from stamp duty if you buy a home that costs £175,000 or less, by the end of the year.

5. Avoid stamp duty - go green

If you're looking for a more expensive home, why not find one that's carbon neutral? That way you'll not only save cash on the tax but on your energy bills too. ]]> http://ezinepowerpublisher.com/finance/mortage/has-the-mortgage-freeze-started-to-thaw.html http://ezinepowerpublisher.com/finance/mortage/has-the-mortgage-freeze-started-to-thaw.html Thu, 25 Jun 2009 21:40:41 -0500
But in a cruel twist, the mortgage market froze up last year and lenders began to demand bigger and bigger deposits, reserving their best deals for borrowers with a whopping 40% upfront. Not only did you need at least 10% to get a mortgage, even then it would be expensive and your choice was very limited. First-time buyers were frozen out again.

But there are signs that lenders are beginning to relax their criteria, offering competitive products to more borrowers - even those without a huge deposit.

The mortgage melt

At one end of the spectrum lenders have begun to offer more mortgages to those borrowers with just 10% upfront - a group dominated by first-time buyers.

HSBC launched a new range of 90% deals with attractive rates - a two-year fixed-rate at 4.99%, for example. The products come with some strings attached but are a step in the right direction.

Lloyds TSB also launched its Lend a Hand mortgage last month, offering up to 95% of a property's value at a cheap 4.39% - but the borrower's parents (or some other ‘helping hand') must put up 20% of the property's value (which is held in a separate savings account).

LTV levels increasing

At the other end of the scale, changes have also been happening.

Previously, the most competitive mortgages were available to those with 40% deposit upfront (i.e. a 60% LTV, or loan-to-value), but some lenders have begun to allow borrowers with 25% and 30% deposits to access their most competitive deals.

For example, HSBC recently made its best mortgages available up to 75% of a property's value rather than 60% - a move it estimated would open up the deals to an extra 20% of the UK mortgage market. And last month Abbey increased the maximum LTV on all its 60% fixed rates to 70%*.

Beginning of the end?

All of these changes in lenders' loan-to-value criteria point to a judgment by some that the worst is over for the housing market - indeed Nationwide said that average property prices rose by 1% in May. If lenders thought prices were going to continue falling they would still require large deposits to act as an equity buffer.

However, things are certainly not back to normal and lending criteria is very strict indeed. If you don't have a 10% deposit you will still struggle, and if you want your choice of the best mortgage deals in the market you'll still need that whopping 40%!

What are the best deals around?

If you have 10% upfront, Natwest's fee-free five-year fixed rate at 5.99% for first-time buyers is worth a look, as is Yorkshire Bank's three-year fixed rate at the same rate, with a fee of £599.

For those with 25% upfront HSBC's five-year fix at 4.39% is a market-leading rate (with a fee of £999). The cheapest two-year fix is Market Harborough Building Society's 2.89% deal, but it comes with a steep arrangement fee of £1,499.

If you are after a tracker rate you will need more than a 10% deposit. If you can muster 25% there's a good range of products, with First Direct's 2.89% offset tracker an attractive deal with a fee of £799.

Whatever type of deal you are after, it's still the case that the bigger your deposit, the better your mortgage options.

* Rates correct at 02/06/2009.

]]> http://ezinepowerpublisher.com/finance/mortage/the-power-of-a-line-of-credit-home-loan.html http://ezinepowerpublisher.com/finance/mortage/the-power-of-a-line-of-credit-home-loan.html Thu, 18 Jun 2009 18:32:38 -0500 Line Of Credit involves having all your income paid into your loan account, and can be a very powerful tool for reducing the size of your loan and the time it takes to pay it off.

With a Line Of Credit, every time you receive income into your account – whether it be your salary, interest, investment income, etc – you are actually reducing the principal amount of your loan, because your total income is treated as a repayment on the loan, rather than just the minimum amount needed as a repayment.

You can still draw on your income in the usual way, but any withdrawals are treated as a redraw on the loan, leaving the rest of your income in the account to help reduce the total loan amount.

Interest on these types of accounts is calculated daily on the loan amount outstanding and charged monthly in arrears, so if your income has gone into the account and paid off more of the loan, the interest added to the loan will be less.

For example, if the total loan amount is $10,000 and your monthly salary of $2,000 comes into the account, you will only be charged interest on the remaining $8,000 for as many days as you don’t touch your salary.

If you have to dip into the account for $1,000 to cover the household expenses, your interest payments will then be charged on the $9,000 remaining outstanding.

Line Of Credit Home Loan is similar to an offset account, and is a good money management tool that can be used by just about anyone, as they require very little ongoing effort and usually attract no extra costs.

The great thing about this tool is that it’s a great way to highlight your mortgage as a forced saving – you’ll make the repayments before you spend on just about anything else, and constantly seeing the reduced loan principal show up on your bank balance is a great incentive to further curb your spending and watch your cash flow.

As with anything to do with mortgages, it is important to get the right advice from a mortgage broker, who can take into account your circumstances, and whether salary crediting is right for you. ]]> http://ezinepowerpublisher.com/finance/mortage/buying-a-holiday-home.html http://ezinepowerpublisher.com/finance/mortage/buying-a-holiday-home.html Sat, 13 Jun 2009 20:26:28 -0500 mortgage to buy a second (or holiday) home, and that in any event you will have to show that you can afford not just this mortgage but any other that you might have. If your aim is to let out the property the whole year round, then the better choice of mortgage might be a buy-to-let mortgage which will be treated more as a business proposition, with the amount you can borrow being based on the estimated rental income.

The most critical decision is whether you're planning to buy a holiday home in Britain or overseas.

Home

If it's the former, you're certainly more likely to find a willing mortgage lender for the purchase of a second home in Britain. Naturally, you'll be looking for a good location for a holiday home, and this becomes all the more important if your aim is to let it out for as many weeks of the year as possible. Rental considerations will also help you choose the number of bedrooms for your holiday home. Since the majority of holiday lets in Britain are booked by families, you'll be best off with a 2 or 3-bedroomed house than a 1-bedroom flat, for example. 85% of holiday bookings are satisfied by 3-bedroomed properties, according to industry statistics.

When it comes to financing the purchase, there may be tax advantages available depending on the type of mortgage you choose. You should seek independent financial advice to help you make this decision.

If you plan to hire a letting or management agent, remember that their fees are likely to set you back some 15-30% of the rents due. Agents will also be there to remind you about maintaining adequate insurance on your holiday home (more of that in a moment), which will need to include public liability cover up to at least £1 million and will cost you between £200 and £450 per annum.

…and abroad

It's a whole different ball-game if your holiday home is overseas. Securing a mortgage with a UK lender on a property overseas is going to be a lot more difficult, though not impossible. You will probably need to find a mortgage lender with operations in the country where you intend to buy. Nonetheless, be prepared for the typical 'ceiling' on your maximum borrowing potential to be no more than 40% of your net income, after current expenditure on your existing home mortgage, debts, bills and the foreign mortgage repayments.

Interest rates on foreign mortgages can be higher than in Britain and are usually variable. Some countries - Croatia and Thailand, to name but two - do not permit mortgages to be held by foreigners at all.

Of course it will be very important to take independent advice and secure the services of an English-speaking lawyer locally. Consider engaging one of the specialist companies in the UK who can not only arrange an overseas mortgage for you but guide you through the whole process of purchasing property overseas. Many of these specialists have local legal contacts or partners in other countries.

Holiday home insurance

You know you need it, but actually getting the holiday home insurance (to cover buildings, contents and public liability) that offers everything to put your mind at ease can be easier said than done. Many insurers are averse to the risks associated with rental properties and the possibility that they will often be unoccupied for long periods at a time.

This is true if your holiday home is situated in Britain, but becomes even more acute if the property is located overseas, where questions of risk and liability can be subject to particular local conditions.

Once again, there are specialist insurers who can arrange holiday home insurance policies underwritten in London and written in English, with terms and conditions that reflect local circumstances. Furthermore, if it comes to the worst and you need to make a claim, this can be done through an English-speaking claims handler.

So if having read this you are fired up to buy your very own holiday home, let's just recap what you need to do..

* Decide whether you are you going to buy at home or aboard. Look at what the aim of buying this property is - for pleasure, investment, or a bit of both; or a long-term let?
* Look at your finances and use our quick and easy service to see how much you could borrow based on your financial circumstances
* Then draw up a budget to ensure that you could comfortably afford the property, not forgetting to include insurances, letting agents' fees etc
* If all the figures add up, then the real fun can start… house hunting!
]]> http://ezinepowerpublisher.com/finance/mortage/patriotic-refinancing.html http://ezinepowerpublisher.com/finance/mortage/patriotic-refinancing.html Fri, 12 Jun 2009 08:41:50 -0500
With Americans who had recently refinanced their homes by his side, Obama encouraged homeowners across the nation to use the low mortgage rate to their advantage. "That is money in their pocket," he said of those homeowners who refinanced.

Thanks to efforts by the Federal Reserve, current rates on 30-year mortgages have fallen to 4.78 percent, the lowest on record. This means that rates are down by more than a full percentage point from just a year ago.

However, the president doesn't necessarily mean all homeowners. The president's Making Home Affordable program is geared to help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. It is also meant to help homeowners who are struggling to pay their mortgage after their interest rate has increased or they have less income. The government Web site makinghomeaffordable.gov offers all the details.

According to the Web site, the Obama administration considers stabilizing the housing market to be one of the key components to reviving the nation's struggling economy. The program is designed to pinpoint those Americans who are most likely headed to foreclosure despite having kept up their mortgage payments. The president stressed the importance of not only keeping Americans in their homes, but also giving them money to spend on something other than over inflated mortgage payments.

President Obama himself during the press conference, as well as the Making Home Affordable Web site, stressed the importance of watching out for refinancing scams. "If somebody is asking you for money up front before they help you with your refinancing," Obama said, "it's probably a scam." The Web site stressed the following:

* There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
* Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away!
* Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
* Never submit your mortgage payments to anyone other than your mortgage company without their approval.

"The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times." ]]> http://ezinepowerpublisher.com/finance/mortage/mortgage-rates-spike-up-rapidly.html http://ezinepowerpublisher.com/finance/mortage/mortgage-rates-spike-up-rapidly.html Fri, 12 Jun 2009 04:19:14 -0500
Two weeks ago 30 year rates and 1 and 5 year arms were all hovering around 4.8 making the arms somewhat pointless. There is no reason to get an ARM when one can get a 30 year fixed mortgage for the same rate. With the sudden rise in the 30 year rate the arms have become relevant again. I still think the 30 year mortgage product is preferable over the arms even at current rates. Although 30 year mortgage rates have risen the expectation is that they will continue to rise for the rest of the year. Below are rates for the last few weeks as well as from 6 months ago.

Jun 04, 2009
30-yr 5.29 15-yr 4.79 5-yr ARM 4.85 1-yr ARM 4.81

May 28, 2009
30-yr 4.91 15-yr 4.53 5-yr ARM 4.82 1-yr ARM 4.69

May 21, 2009
30-yr 4.82 15-yr 4.50 5-yr ARM 4.79 1-yr ARM 4.82

May 14, 2009
30-yr 4.86 15-yr 4.52 5-yr ARM 4.82 1-yr ARM 4.71

May 07, 2009
30-yr 4.84 15-yr 4.51 5-yr ARM 4.90 1-yr ARM 4.78

Dec 04, 2008
30-yr 5.53 15-yr 5.33 5-yr ARM 5.77 1-yr ARM 5.02

In addition to mortgage rates we also like to look at mortgage payments. Using our mortgage calculator we translated today's mortgage rates into a monthly payment on a 200k loan. We did the same thing with rates from last week and rates from December 4, 2008 (6 months ago).

Jun 04
30-yr $1109.36
15-yr $1559.79
5-yr ARM $1055.38
1-yr ARM $1050.53

May 28
30-yr $1062.66
15-yr $1533.05
5-yr ARM $1051.74
1-yr ARM $1036.07

Dec 04
30-yr $1139.34
15-yr $1616.18
5-yr ARM $1169.68
1-yr ARM $1076.08

Usually there is not too much difference from week to week. That is not true this week. The payment on a 200k loan has risen 46.7 or about 4.4 percent. Payments are down 2.63 percent from what they would have been 6 months ago.

So what is our advice to people looking for a home? Unfortunately I think mortgage rates will continue to rise so it's probably best to lock in rates now. Second although arms are a viable option I would still take the 30 year rate over the 1 or 5 year arm. There are some expectations this recent rise is just the tip of the iceberg and we could see rates above 12 percent before this is over with.
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