Types Of Loan Programs Fixed vs Adjustable

Types Of Loan Programs Fixed vs Adjustable


One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to “hybrid” the two.

An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs.


The New Homeowner Center at Summit Mortgage wants to offer a level of service above your expectations. We know that communication is the most important thing about your home buying process. We make ourselves available on your time. Call us today, or whenever. Let us know how we can help. We want your feedback.

Call Us Now – 612-226-3559

 

Follow New HomeOwner Center at Summit Mortgage

Licensing

Michael Brewbaker NMLS# 376521
Summit Mortgage Corporation NMLS #1041

[company.title] - Logo
Equal Housing Opportunity

This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. Section 47.206(3) and (4)

Contact Us

New HomeOwner Center
At 
Summit Mortgage

7077 Northland Circle
Suite #100
Brooklyn Park, MN 55428

Number:
612-226-3559

More Links

Download Our Free App

googleb93f99eadfde7426.html