Our mortgage consultants have the expertise to assist first-time home buyers and move-up buyers analyze their short- and long-term goals to make the wisest financing decisions.
Below are the benefits of the various interest rate and monthly payment options that are available.
Fixed-Rate: The best choice for individuals who prefer the stability of a fixed interest rate and payment over the life of the loan. This predictability makes monthly budgeting easier. A longer term fixed-rate mortgage, typically 20 to 30 years, offers a lower monthly payment; whereas, a shorter term fixed-rate mortgage, from 10 to 15 years, offers a faster pay-off time.
Adjustable-Rate: The best choice for individuals who plan to move and/or expect their salary to rise within the next few years. An adjustable-rate mortgage does just that: rate and payment adjust based on an industry index plus margin. Some adjustable-rate mortgages offer longer fixed-rate periods of between three and seven years before the first adjustment to rate and payment occur.
Buydown: The best choice for individuals who prefer the stability of a fixed-rate, but need lower payments in the initial months of the loan term.
Explore the advantages of the various programs available today.