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About the Ballston Spa, New York Area Request my Free Saratoga Springs, Schuylerville, Ballston Spa and Clifton Park Relocation Package. It's packed full of useful and important information about the Saratoga Springs, Schuylerville, Ballston Spa and Clifton Park, New York area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out... It's my job to know EVERYTHING about Saratoga Springs, Schuylerville, Ballston Spa and Clifton Park! Ask me any question. Or request a FREE information package. There's no obligation, and I promise to get back to you quickly... 
Financing Your Home >Watch Your ARMs Length Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
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| Q |
What celebrity home sold recently for a reported $5.5 million, despite its yellow-and-rust striped paint job?
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| A |
This Hollywood Hills residence was the former home of the popular singer, Madonna.
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