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QUESTION: I have been told that credit inquiries can really lower my credit score? How much does it hurt me if I have an inquiry.
February 15, 2019
QUESTION: What is the advantages to escrow or not to escrow? Which is the best?
February 15, 2019

QUESTION: I wanted to get an ARM loan for the lower payments since I will not have the home that long. My lender is telling me that it is harder to qualify for an ARM than a fixed rate loan?? Sounds wrong to me!

Answer:

Your lender is most likely correct but it depends upon the program and the lender. Overall, on most ARM loans you have to qualify at 2% over the start rate
or the fully indexed rate (the margin + the index). That can be higher than fixed rates. ARM’s are condsidered more risky and many lenders make it
a little harder to qualify for them.

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