A farewell to ARMs? Not at Toll Brothers.
The luxury home builder is enticing home buyers with an offer on a “hybrid” adjustable-rate mortgage that offers a 3.75% rate for seven years that converts to an annual adjustable rate after that, reports our colleague Dawn Wotapka at Dow Jones.
Toll is bringing back a loan product that proliferated during the housing boom because it offered the prospect of lower monthly payments over the initial three-, five-, or seven-year fixed-rate period.
Thursday, July 16, 2009
Home builder brings back ARMs
Home builder Toll Brothers is bringing back the adjustable rate mortgage in order to sell homes:
Subscribe to:
Post Comments (Atom)
Posts
Wells Fargo still sells the ARM as well, 5 years.
ReplyDeletehttps://www.wellsfargo.com/mortgage/rates/
I have a feeling that they know there are still suckers out there that will go for the "teaser" rates. The bank will receive TARP or other injections to make up for the deadbeats.
I definitly agree with that comment!
ReplyDelete