With my help, you can determine whether a fixed or an adjustable-rate mortgage loan is best for your situation.

Fixed-rate loans have interest rates that are set upon the date you take them out and they do not change. Because the rate stays the same over the lifetime of your loan, the principal and interest remain the same as well. Your monthly payment will never change, but their interest rate is higher than that of an adjustable-rate loan. Fixed-rate loans are generally more popular is you are looking to take out a 30-year mortgage loan.

Adjustable-rate loans have an interest that fluctuates over time; although at first they are stable. Adjustable-rates usually start out with lower interest rates in comparison to fixed, but as soon as the initial rate period is over, interest more often than not goes up significantly. The amount you pay depends on the index rate; as the set index increases, so does your rate. However, if the index rate declines, you may not always see the decrease in your rate amount. Many adjustable-rate loans have a cap, meaning there is a maximum to how high your interest rate can go over the lifetime of your specific loan. These loans are usually more common if you are looking for a short-term mortgage loan, like 15-year ones.

Contact me to help you compare rates and determine what rate is better for your individual situation. There is no one overall answer; I will focus my attention on you and your desired property, answering all questions to help you make the best decision.

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