With 30 years to pay off the loan, these loans allow you to borrow more money for the same monthly payment than shorter loans. They may also make it possible to have a lower down payment, because the down payment will affect your monthly payment less.
The 30-Year Fixed-Rate Mortgage
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The 15-Year Fixed-Rate Mortgage
With 15 years to pay off the loan, these loans may require a higher monthly payment and down payments than their 30-year counterparts, or are suitable for lower-priced homes. If you can make a higher down payment, or can afford a higher monthly payment, or the value of your home puts your monthly payments into your budget range, a 15-year Fixed-Rate Mortgage may be for you. Since the term of the loan is half as long, you can make significant savings on the total amount of interest paid on the loan.
Adjustable Rate Mortgages
ARMs allow you to fix the interest rate for the length of time that you plan to hold the loan without paying extra for interest rate protection you don't need.
Advantages:
Advantages:
*They typically have a lower interest rate. Since the lender is assuming less risk on the possibility of interest rates going up, they offer lower interest rates, which translates to a lower monthly payment on a similar term fixed rate mortgage.
*The initial rate on an ARM is fixed. The shorter the initial fixed period, the lower the initial rate can be.
*You can borrow more with an ARM than a Fixed Rate Mortgage. If you're just outside the range of your dream home, an ARM can make all the difference.
*The initial rate on an ARM is fixed. The shorter the initial fixed period, the lower the initial rate can be.
*You can borrow more with an ARM than a Fixed Rate Mortgage. If you're just outside the range of your dream home, an ARM can make all the difference.
Online Application
Call today to speak with a loan officer for more details 1-877-832-9328. All approvals are conditional and are subject to underwriting. We are a local Washington State mortgage company lender / broker. This is a Home Town Lending Marysville, WA website. Home Town Lending is licensed by The State of Washington Department of Financial Institutions (Loan Branch Lic. # 510-MB-20612). Home Town Lending / TMBG Corporate is located at 10025 19th Avenue SE, Suite 100, Everett, WA 98208. Home Town Lending / TMBG is an Equal Housing Lender. This web page is subject to change with out notice do to variable market conditions in lending.
