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 a great 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 usually 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 existing interest rate environment. Mortgage brokers help clients align their mortgage choice with their economic goals, whether it's stability or initial affordability.
Wave Lending Group, located in the heart of Puyallup, WA, offers both fixed and ARM options, making sure borrowers make informed decisions tailored to their needs.
For more information, give us a quick call today or check out our website and get your mortgage rate quote in just 30 seconds!
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