Josh wanted to buy a house but interest rates are high. Therefore, he can not afford a traditional fixed rate mortgage.
His lender gave him the option of using an Adjustable Rate Mortgage (ARM). He had heard bad things about them so he was tentative on using one. However...
Josh learned that certain ARMs were good for various purposes and if they were used correctly then they could be great.
Josh planned on living in the condo for 5 - 7 years. Then he wanted to move and buy another house. Since he had a short-term goal using an ARM could benefit him.
Josh decided to use a 10/1 adjustable rate mortgage to buy his condo.His words of advice, make sure you do your homework and have a goal before using one.