Craig Toberman recently spoke to Charlie Wells of Bloomberg in his Newsletter titled “How Do Your Finances Stack Up?”
In the newsletter, Craig provides a suggestion to homeowners trying to sell their home right now.
“When selling your home, keep in mind that you can’t take your mortgage loan with you to your next home. You may be faced with a choice between a traditional fixed-rate mortgage and an adjustable-rate mortgage (ARM). ARMs are a good way to lock in a low rate for a fixed period. However, they are risky because once the fixed period expires, your rate could double or even triple. The key to success with an ARM is to try to estimate how long you will be in your new home. If you intend for this to be your “forever home,” a fixed-rate mortgage will most likely be the best path forward.”
If you are interested in hearing more of Craig Toberman’s thoughts on investment management, please book a call with him.
Craig Toberman is a Partner at Toberman Becker Wealth – a fee-only, fiduciary financial advisor based in St. Louis. He assists families and businesses with strategic financial planning and long-term wealth management. He has over a decade of experience in financial services and has crafted custom financial plans for hundreds of families and businesses.