With an adjustable rate mortgage (ARM), you can lower your monthly mortgage loan payment because mortgage rates for ARMs are usually lower than traditional fixed rate programs. If you plan on selling or refinancing your home in less than 10 years, then an adjustable rate mortgage loan may be right for you.
Fixed Rate Home Loans
With a fixed rate home loan you don’t have to worry about your monthly payment changing…ever. Your mortgage rate and payment are fixed for the life of your home loan. Fixed rate mortgage loans range from 10 to 30 years.