Types Of Loan Programs Fixed vs Adjustable

One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to "hybrid" the two.

An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs.

Follow Taylor Allgyer - First Savings Mortgage On Social Media

Licensing

Taylor Allgyer
NMLS ID 205938
First Savings Mortgage
NMLS ID 38694

Contact Us

Taylor Allgyer - First Savings Mortgage
8444 Westpark Drive
The Fourth Floor
McLean, VA 22102

Direct:
(703) 626-3264

First Savings Mortgage Corporation does not discriminate against any applicant on the basis of race; color; religion; national origin; sex or marital status; age (provided that the applicant has the capacity to contract); military status; medical history; disability; physical condition; or because all or part of the applicant's income is derived from a public assistance program; or because the applicant has in good faith exercised any right under the Equal Credit Opportunity Act, Fair Housing Act, Servicemembers' Civil Relief Act or the Consumer Credit Protection Act. 15 U.S.C. 1691; 42 U.S.C. 3601; 50 U.S.C. 3901-4043; 15 U.S.C. 41