What's the difference between a fixed-rate and a flexible-rate mortgage (ARM)?
With a fixed-rate mortgage, the interest rate is constant throughout 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, potentially affecting monthly payments.
The choice between these two depends on factors like financial goals, risk tolerance, and the existing interest rate environment. Mortgage brokers assist clients in aligning their mortgage choice with their economic 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 quick call today or check out our website and get your mortgage rate quote in only 30 secs!
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