Fixed Rate vs Adjustable Rate Mortgage: Expert Interview

Fixed Rate vs Adjustable Rate Mortgage: Expert Interview. Fast 30 Year 7/1 ARM Mortgage Lamorinda CA

Fixed Rate vs Adjustable Rate Mortgage: Expert Interview video duration 8 Minute(s) 28 Second(s), published by Shine Insurance on 29 12 2016 - 14:02:38.

There are two basic ways that a bank can set up your interest rate for a mortgage
Fixed Rate and Adjustable Rate
Mortgage Preapproval is Step #1b in our Example shows a 1-1 ARM (Adjustable Rate Mortgage)
In this example, after the first year, the interest rate adjusts once per year, subject to annual and life of .

If you're going to get an ARM (Adjustable Rate Mortgage) loan, you better know the dangers and risks involved

Support more videos like this along with getting http://www.utahphysicianhomeloans.com When is an ARM or adjustable rate mortgage right for you? If you think you may not be in this home for greater than 5, 7 Call Russell at 925-317-1500
To apply online click here: https://apply.tradmor.com For more information see: https://bit.ly/2N38rHp We are mortgage brokers in .

There are two basic ways that a bank can set up your interest rate for a mortgage. Fixed Rate and Adjustable Rate.

Mortgage Preapproval is Step #1b in our New Home Buyers Guide. Learn more here: https://www.newhomebuyersguide.net

In this video, we ask mortgage lender Ryan Langley to explain the difference and how to know which one is right for you.

OVERVIEW

Some important terms:

Mortgage:
Most people can’t just spend hundreds of thousands of dollars to buy a house. They need to borrow the money from a bank. The money you borrow from a bank to buy a home is called a mortgage

Interest:
Banks don’t just loan you money for free. Interest is the extra money you pay the bank for the right to borrow from them

Interest Rate:
This is how the bank figures out how much interest you will pay them. The interest rate is a percentage of the money you borrowed. That percentage is how much extra you have to pay

Adjustable Rate Mortgage:
This kind of mortgage is set up so that the interest rate you pay could change over the course of the loan.

Fixed Rate Mortgage:
This kind of mortgage is set up so that the interest rate will stay the same over the entire course of the loan.

Advantages to an Adjustable Rate Mortgage:
Often has a lower “introductory” interest rate. If you plan to keep the loan for a short time or pay back much of the borrowed amount in the first couple of years then this could save money. It’s riskier though and should be considered only by borrowers who truly understand how mortgages work.

Advantages of Fixed Rate Mortgages:
Simple to understand, stable, safe. The majority of borrowers should choose a fixed rate mortgage.

How to find Ryan Langley:
812-650-3800
www.ruoff.com
ryan.langley@ruoff.com

WANT MORE? Our New Home Buyers Guide will walk you through all 9 steps of the home buying process. Get access at https://www.newhomebuyersguide.net

Learn more about us at:
Our Site - www.shineinsurance.com
Our Blog - www.shineinsure.com/blog
Our Podcast - www.scratchentrepreneur.com