Is a fixed rate or adjustable rate mortgage (ARM) better?
That depends on your particular financial situation and interest rate levels. If interest rates are low, many first time home buyers prefer the safety of a fixed-rate 30-year mortgage since the monthly payments stay the same for the life of the loan. If interest rates are high, some buyers prefer an ARM because they have a lower interest rate in the beginning and these buyers plan to refinance or resell the property within a few years. Talk to one of our loan agents and find out what’s best for you.
