Whats the difference between a fixed-rate and an adjustable-rate mortgage?
With a fixed-rate mortgage, the interest rate is determined when you are approved for a mortgage and remains the same for the term of the loan. It can never go up. Adjustable-rate mortgages (ARMs) have a variable interest rate. Typically, the interest rate is lower the first year, then increases or decreases at predetermined, agreed-upon intervals. Which is best for you? Use the Fixed-Rate versus ARM Calculator to determine which is to your best advantage.
With a fixed-rate mortgage, the interest rate is determined when you are approved for a mortgage and remains the same for the term of the loan. It can never go up or down. Adjustable-rate mortgages (ARMs) have a variable interest rate. Typically, the interest rate is lower the first year, then increases or decreases at predetermined, agreed-upon intervals. Which is best for you? Our Loan Officers will help you make that critical decision.
