Floating Rate Mortgages: A Smart Way to Buy Now

In the current housing market, one prediction that can be made with confidence is that interest rates are at a cyclical high point and will eventually start coming down. That makes obtaining a mortgage with a floating interest rate (also known as adjustable-rate mortgages, or ARMs) a perfect way to purchase a condominium at Merrick Manor now and benefit from the upcoming rate reductions. 

How do floating interest rates work? 

  • A floating interest rate adjusts from time to time over the course of the loan term. Economic and market conditions dictate when a “float” up or down occurs 
  • One major benefit is that floating rate mortgages come with lower introductory interest rates and monthly payments than fixed-rate mortgages 
  • These mortgages are often obtained by a borrower who plans to refinance at some point during the first five years or sell the home before that period ends. The typical ownership span for condos makes floating rate mortgages that much more appealing 

The first step is speaking with your lender and commencing the prequalification process for a floating rate mortgage. With only a few condos left at Merrick Manor in Coral Gables and overall inventory levels extremely tight, this could be the way to avoid missing out completely. 

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”  

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor. 

For more information about the residences at Merrick Manor, visit our Model Residence 527 on the at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. Open from 11 a.m. to 5 p.m. on Monday through Friday and weekends by appointment.