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Columbia Missouri Real Estate ~ Our Prudential Agents
Visit my web site! www.JodyCalvin.com
Jody Calvin, REALTOR®, Broker, ABR, GRI, CRS
Hello, my name is Jody Calvin. I have been a real estate professional for 20 years and pride myself on efficient, accurate and friendly service. I make it a point to stay involved in the community, working with the Chamber of Commerce, Volunteering for the American Cancer Society, American Red Cross, and also appearing as a guest lecturer for Stephen's College Business Class. 18 of my 20 years in the business have been extremely involved in teaching ethics and REALTOR™ cooperation, both during orientation for new realtors and in mini-seminars.
With me you get the advantage of an EXPERIENCED Columbia Mo Real Estate professional ready to meet your needs whether you're buying a home, selling a home, or relocating to Columbia Missouri. I enjoy the diversity of new construction, re-sale homes, condos and commercial properties.
Being your Southwest Specialist I am ready to assist you as a buyer's agent or seller's agent. I specialize in finding the right home to meet your needs, and the right buyer to fit your home.
Jody Calvin: Putting SERVICE back into Real Estate!
US Mail & Office Location:
103B Corporate Lake Place
Columbia, MO 65203
Driving directions to the office:
- In Columbia, MO, take Providence south to Corporate Lake Drive
- Turn right onto Corporate Lake Drive
- Turn right onto Commercial
- We're on the right, behind Columbia Performing Arts Center
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Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages (ARMs) fluctuate with the market level of interest rates and so does your monthly payment.
- Some first-time buyers or those trading up to a more expensive home may accept adjustable-rate mortgages. Because an ARM starts out at a lower interest rate, such a mortgage enables you to qualify to borrow more.
- Some homebuyers who can qualify for either an adjustable-rate or a fixed-rate mortgage of the same size have a choice and choose the fluctuating adjustable-rate mortgage. Why? Because they may very well save themselves money, in the form of smaller total interest charges, with an adjustable-rate loan rather than a fixed-rate loan.
- Because you accept the risk of a possible increase in interest rates, mortgage lenders cut you a little slack. The initial interest rate on an adjustable should be less than the initial interest rate on a comparable fixed-rate loan. In fact, an ARM's interest rate for the first year or two of the loan is generally lower than a fixed-rate mortgage.
- Another advantage of an ARM is that, if you purchase your home during a time of high interest rates, you can start paying your mortgage with the artificially depressed initial interest rate. Should interest rates subsequently decline, you can enjoy the benefits of lower rates without refinancing.
- Another situation when adjustable-rate loans have an advantage over their fixed-rate brethren is when interest rates decline and you don't qualify to refinance your mortgage to reap the advantage of lower rates. The good news for homeowners who are unable to refinance and who have an ARM is that they probably already capture many of the benefits of the lower rates. With a fixed-rate loan, you must refinance in order to realize the benefits of a decline in interest rates.
- The downside to an adjustable-rate loan is that, if interest rates in general rise, your loan's interest and monthly payment will likely rise, too. During most time periods, if rates rise more than 1 or 2 percent and stay elevated, the adjustable-rate loan is likely to cost you more than a fixed-rate loan.
Before you make the final decision between a fixed-rate mortgage versus an adjustable-rate mortgage, you should speak with your Loan Officer.
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