Misunderstandings about loans are rampant, but the one that baffles experts the most is the myth that adjustable-rate loans have to be paid off faster. A 7/1 ARM doesn’t have to be paid off in 7 years. In fact, the mortgage lasts for 30 years. Instead, it’s the interest rate that stays the same during the first 7 years, after which it fluctuates.
This kind of misconception puts people off these types of loans when, in reality, they might work best for their needs.
Many people make the mistake of never contacting the seller’s agent, but by doing so they might rid themselves of an opportunity of a good deal.
The seller’s agent will help you understand what’s important to the seller. You could contact the agent, have a discussion, and then ask if you could make a personal plea to the seller. How else are you going to contact them if not through a third party first?
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