![]() ![]() As you explore options, think about your down payment, your monthly budget and plan accordingly.įixed- Rate Mortgages: While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. For example, the shorter the loan term, the more you're likely to pay each month. Term Length: The duration of the loan will impact your monthly payment. For example, a 7/1 ARM has an introductory interest rate for the first 7 years and then resets every year after that for the loan term. A consistent interest rate usually means you'll have a consistent mortgage payment too.Īdjustable-rate Mortgage (ARM): An ARM loan has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts every year. ![]() Term Length: Mortgage loans vary in length, typically from 10 to 30 years.įixed- Rate Mortgages: A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market.
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