Things To Do In SW Florida

TJ Porter | Bankrate.com (TNS)

Say “mortgage,” and most people think of a fixed-rate, long-term loan. While that’s certainly the most popular variety, it’s not the only home loan in town. For some aspiring homeowners, an adjustable rate mortgage might be a better option.

Adjustable-rate mortgages (ARMs) often appeal to homebuyers due to their initially low interest rates. But all good things come to an end, and you can get a nasty shock when the rate adjusts, and your monthly payments increase — often dramatically.

So it’s crucial to understand the overall pros and cons of ARMs and how they work. Forewarned is forearmed, after all.

How does an adjustable-rate mortgage work?

An ARM is a 30-year adjustable-rate mortgage that has an initial fixed interest rate period — three, five and seven years are especially popular. Once that period ends, the interest rate adjusts each year (or possibly six months) after that.

When this adjustment occurs, the interest that accrues on your loan is recalculated based on your principal balance and the new rate. Your new monthly payment can rise or fall along with the interest rate. read more

A new leadership structure has been instituted at Rosen Hotels & Resorts, President Harris Rosen announced Friday.

Joshua Rosen, son of Harris Rosen, is now associate vice president and remains the national sales manager for the organization. Shayna Rosen, daughter of Harris Rosen, is now secretary of Rosen Hotels & Resorts.  Both will be on the board of directors.

The announcement is not an indication that Harris Rosen, 83, is set to retire, Frank Santos, the company’s vice president, said Friday.

“It is not a retirement announcement. It is just good business planning. Harris is healthy and wise, and he will continue to lead the company,” Santos said.

“Harris Rosen will be at his desk for a very long, foreseeable future,” he said, and will continue his role as company president and chief operating officer.

“He would like to slow down. He’s in the office seven days a week,” Santos said.

Rosen Hotels & Resorts operates seven properties — including Rosen Shingle Creek, Rosen Plaza and Rosen Centre — with more than 6,000 guest rooms.  It employs about 4,000 people. read more