Fixed Rate vs Adjustable Rate Mortgage



Fixed Rate vs Adjustable Rate Mortgage 

If you’re in the market to buy a home, you’ve probably heard the terms fixed-rate and adjustable rate mortgages thrown around a lot, but do you know the difference? Let's review!

So, a fixed-rate mortgage has the same interest rate every month. You know exactly what your mortgage payment is going to be for every month of your loan because it doesn’t change. 

But an adjustable rate mortgage has an interest rate that can change. The interest rate changes from time to time due to the market, so your monthly payment will change.

In recent months, we're hearing about loans with 2/1 rate buy downs, bank statement loans (good for self employed people!) and many other "different" types of loans or terms. 

All of these loans have advantages and disadvantages. If you’re wondering which one is best for you, I recommend talking with a lender as they can answer all of your questions. 

I know some amazing lenders, and I can totally put you in touch if you want to have a quick conversation with them. No strings attached.

Leah@RickelRealty.com
480-241-6787
@Leah.RickelRealty 

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