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Thinking about refinancing? Below are some refinance choices that can work in you favor.

Fixed vs. Adjustable Mortgage Interest Rates

Whether you are looking to refinance your mortgage or purchase your first home, it's important to compare all available loan options. Interest rates are a big part of the mortgage equation. The two basic types are:

• Fixed Rate Mortgage
• Adjustable Rate Mortgage

Fixed Rate Mortgages

For a conventional loan with a fixed rate, interest rates remain
the same for the life of the loan. This means payments will remain the
Same as well. A fixed rate mortgage is

• Secure and Predictable You will not be exposed to increasing interest
  rates.
• Higher Cost in the Short Term The interest rate for a fixed rate loan is
  typically higher than the initial interest rate for an adjustable rate loan.
• Good For Long-Term Ownership In the long run, the interest rate on an
  adjustable rate mortgage can exceed that of a fixed rate loan.

Adjustable Rate Mortgages

Good for Short-Term Ownership Plan to sell your home before the adjustable
rate kicks in, benefit from the lower initial fixed rate.

 

Back to Refinance

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