Standard post published to Wave Lending Group #21751 at October 08, 2023 16:02

What's the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?

With a fixed-rate mortgage, the interest rate remains constant during the whole loan term. This provides predictability and consistency in monthly payments, making it an excellent choice for those seeking stability.

On the contrary, an adjustable-rate mortgage (ARM) begins with an initial fixed-rate period, followed by rate adjustments at predetermined intervals. While it often starts with lower rates, it can fluctuate, possibly affecting monthly payments.

The choice between the two depends on factors like financial goals, risk tolerance, and the current interest rate environment. Mortgage brokers assist clients in aligning their mortgage choice with their financial goals, whether it's stability or initial affordability.

Wave Lending Group, located in central Puyallup, WA, offers both fixed and ARM options, ensuring borrowers make informed decisions customized to their needs.

For more information, give us a call today or visit our website and get your mortgage rate quote in just 30 seconds!

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