What's the difference between a fixed-rate and a flexible-rate mortgage (ARM)?
With a fixed-rate mortgage, the interest rate is constant during the entire loan term. This provides predictability and consistency in monthly payments, making it a superb choice for those seeking stability.
On the other hand, an adjustable-rate mortgage (ARM) starts with an initial fixed-rate period, followed by rate adjustments at predetermined intervals. While it typically starts with lower rates, it can fluctuate, possibly affecting monthly payments.
The choice between these 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, Washington, offers both fixed and ARM options, making sure borrowers make informed decisions customized to their needs.
For more information, give us a call today or check out our website and get your mortgage rate quote in only 30 secs!
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