Rates are on the rise; fix-in your adjustable-rate mortgage now.
If you currently have an adjustable-rate mortgage, now may be the best time to get it switched over to a longer term fixed-rate.
Rates look to be on the rise and the uncertainty of an adjustable-rate mortgage can be stressful if your payment goes up dramatically.
Here are some of the differences between fixed- and adjustable-rate mortgages.
- Fixed
A fixed-rate mortgage typically has a higher rate than an adjustable-rate mortgage. Fixed-rate loans are fixed throughout the entire term of the loan and do not adjust.
- Adjustable
An adjustable-rate mortgage (ARM) typically has a lower rate than a fixed-rate mortgage. Adjustable-rate loans usually have a set fixed rate for an initial period and then adjust in intervals thereafter. The interest rate can change during the life of the loan according to movements in an indexed rate. These are sometimes referred to as AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).
Choose a loan program that will help you get your loan fixed-in.
- Looking for a more traditional option? Choose from the most competitive rates available.
- Maximize your monthly income by changing the term of your loan.
- Potentially save thousands in interest over the first 5 to 7 years by selecting an ARM over a traditional fixed mortgage
- Refinance into the security and low rates of a fixed-rate government loan.
- Qualify with less stringent qualification and credit requirements.
- Access to all fixed-rate terms.
- Avoid the extensive qualification process.
- Available as a 30-year or 15-year fixed loan as well as a 5-year adjustable rate mortgage (ARM).
- No appraisal necessary.
- Marginal credit requirements.
- Lower your rate and payment if you are a spouse, military member, or qualified veteran.
- No monthly mortgage insurance (PMI).
- Fixed-rate and adjustable-rate program options, including jumbo loans.
Calculate your monthly payment and see how the principal is paid over time.
Payment Amortization Calculator
Why you should choose Starwest Mortgage for your home purchase:
- As a broker, Starwest gives you access to the most competitive rates, fees, and programs the wholesale lending industry has to offer. Why use a broker?
- No Closing Cost program
- Get loan status updates anytime, anywhere. Take advantage of our online tools.
