With fixed-rate mortgages becoming even more costly following another interest rate hike by the Federal Reserve, adjustable-rate mortgages (ARM) are an appealing option for condominium buyers at Merrick Manor to consider.
Condo owners tend to live in their units for five-to-seven years, which lines up perfectly with the length of ARM terms. At the end of a typical ARM term, the borrower can choose to sell the condo or refinance if the rates are more favorable.
Luxury real estate broker Katrina Campins recently told Fox Business that more homeowners are utilizing ARM financing in the current interest rate environment.
“The reason for that, the old saying is, ‘You marry the house and date the rate,’ so if you still find a house in this market that you love, you can always refinance later on,” Campins said.
Merrick Manor’s sales team can walk buyers through all financing options available to them.
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 the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.