Besides selling real estate I farm just south of Greeley.  The last couple of days I've spent quite a bit of time in tractors getting our first cutting of hay in.  You can see my new Northern Colorado hay for sale website here at www.northerncoloradohayforsale.info.   I listen to the radio alot while in the various tractors I use and I noticed lots of mortgage commercials.  Now while that isn't odd what I heard alot of was the ARM options.  It wasn't really advertised.  But they were doing the typical if you can make this payment you can afford this house type of thing.  But then at the end was a quick disclosure that said the previous examples were using a 5/1 ARM example. 

As I think has been documented is that the ARM loans were a key part in the housing meltdown.  Especially when shared with no document loans and such.

What is an ARM good for?  Well they are good for if you plan to buy a house and sell within 5 years or so.  But your home will have had to appreciate for this to happen.   Right now appreciation on some homes in Greeley is 1%.  One also can use an ARM for a fix and flip.  But good luck finding a home that will qualify for a loan and then make you enough money when reselling it to make this worth it. 

So what I'm saying is please people really research the loan program if you really are considering using an ARM to buy real estate.  It usually ends up in you losing money.

For more Greeley Real Estate information visit www.greeley-weldcountyhomesforsale.com.

First Name* Last Name* Email* Phone Question / Comments Enter the code:    Please wait...