Fixed Rate Loans Offer Stability
If you prefer a consistent payment over a very long period of time with no surprises, fixed loans are the best choice for you. The peace-of-mind of a fixed-rate loan offsets what could be a slightly higher long-term payment.
When rates are very low, refinance from an adjustable rate loan into a fixed-rate loan to lower your monthly payment or convert the uncertainty of an adjustable rate to a reliable fixed-rate.
Further, if you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into one fixed-rate loan. This can save you thousands of dollars in the long run.
Adjustable Rate Mortgage Products Offer Low Introductory Rates
Most adjustable rates mortgage (ARM) products offer low introductory rates that are fixed from one to 10 years—after which it adjusts either annually or every six months for the life of the loan. Our ARM programs come with a lifetime rate cap, which means that your rate will never go above a certain level, even if rates skyrocket.
ARM loans are right for you if:
- You plan to stay in the home for less than three to 10 years.
- Interest rates are high—you will benefit when rates begin to fall.
- You plan to take out a short-term cash/out loan.
