Sentences with phrase «cons of adjustable rate mortgages»

Contact us today and one of our mortgage professionals will explain to you some of the pros and cons of adjustable rate mortgages and walk you through exactly how these loans work.

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The mortgage professionals at Resource Lenders can walk you through the pros and cons of adjustable rate financing so that you can make a well informed financial decision.

FRM pros and cons: + Peace of mind that your interest rate stays locked in over the life of the loan + Monthly mortgage payments remain the same - If rates fall, you'll be stuck with your original APR unless you refinance your loan - Fixed rates tend to be higher than adjustable rates for the convenience of having an APR that won't change ARM pros and cons: + APRs on many ARMs may be lower compared to fixed - rate home loans, at least at first + A wide variety of adjustable rate loans are available — for instance, a 3/1 ARM has a fixed rate for the first 36 months, adjustable thereafter; a 5/1 ARM, fixed for 60 months, adjustable afterwards; a 7/1 ARM, fixed for 84 months, adjustable after - While your interest rate could drop depending on interest rate conditions, it could rise, too, making monthly loan payments more expensive than hoped How is your APR determined?

Just make sure you take the time to sit down and do some thoughtful life planning, and carefully consider the pros and cons of an adjustable - rate mortgage before defaulting to the typical 30 - year fixed - rate mortgage.