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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Adjustable or fixed rate mortgage?
A fixed rate mortgage means you’ll always know your monthly payment. But in the long run, it can be more expensive. With interest rates still low, many homeowners are finding an adjustable rate mortgage, or ARM, worth the risk. Here are a few things to consider:
• ARMs are locked in at lower percentage rates, usually for the first five years, then fluctuate with the market.
• If you anticipate selling your home in five years or less, an ARM might make sense. The difference between monthly payments for a fixed rate mortgage and an ARM can reach well into the thousands of dollars over a five-year period.
• With an ARM, you must be prepared to make financial adjustments should interest rates suddenly jump. Examine your finances and job growth prospects before you commit.
• A fixed rate mortgage makes more sense for families who don’t anticipate much income growth or have no plans to move.
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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