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Different Mortgages, Different Rates
The Mortgage rate may differ based on the type and length of the loan you take. A 30-year fixed rate is typically one of the most expensive loans available, but great if you plan on spending a long time in your house. Rates will vary based on length, such as 5-year arm, 15-year fixed or 30-year fixed.What are the different types of loans to look for?
Though there are many different types of loans offered, this is a sample of different programs you might want to consider when trying to find the right loan at the right rate.
30-year fixed – This is probably the most traditional and sought after loan on the market. Mortgage rates are often quoted in terms of a 30-year fixed. Beware of this type of loan if you only plan on staying in your home for a couple of years, you may be better off and receive a better rate on a different type of mortgage.
5-year ARM – With a 5-year ARM or Adjustable Rate Mortgage, your rate is fixed for 5 years and is subject to change at the end of each five year period. This can be good if you want to lock in now with lower payments.
5-year interest only mortgage - This is a great way to finance your home while you build some equity or wait to start earning more money. Either way, you are locking into the price of your home and getting super low payments – at least for the first five years. One drawback is that you will probably want to refinance before the end of the 5 years.
Assumable mortgages- Assumable mortgages are great if interest rates have gone up and you can get a more favorable mortgage rate from the seller than if you were to shop for your own loan.How do I find the best mortgage rate?
First decide which type of loan is right for you, then do some research. You can find out what current interest rates just by doing a quick Google search on “mortgage rate” or “current mortgage rates.”