 |
 |
![]() |
|
|
|
Plan carefully before you build. Take the time to understand your lot, the soil, and local regulations. Next select a plan that works for you and your site. Then look at ways to finance your dream home from conception through construction.
|
|
 Altering Stock Home Plans |
 Choose Your Lot Wisely |
|
 |
|
|
 |
| | BobVila.com > Channels > Finance > All Tips > Adjustable Rate Mortgages
 Adjustable Rate Mortgages
Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits. Types: Balloon Mortgage - Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically). Two-Step Mortgage - Interest rate adjusts only once and remains the same for the life of the loan; ARMS linked to a specific index or margin. Advantages: Generally offer lower initial interest rates; Monthly payments can be lower; May allow borrower to qualify for a larger loan amount.
Related Showrooms
• Foreclosure.com - Foreclosed Properties in Your Area
• ZN Custom Building - Modular Homes
| | | |
