What's the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
With a fixed-rate mortgage, the interest rate is constant during the whole loan term. This provides predictability and consistency in monthly payments, making it a great choice for those seeking stability.
On the contrary, 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, potentially 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 the center of Puyallup, Washington, offers both fixed and ARM options, ensuring borrowers make informed decisions tailored to their needs.
For more information, give us a call today or visit our website and get your mortgage rate quote in only 30 seconds!
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