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: