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Finding a home
for your family is an important step in everyone’s life.
Finding a home for your career is just as important.
Everyone from the
Mortgage Originator Magazine to the Dallas Business Journal
has been saying great things about PrimeLending. Now, read
what great things our clients have to say. |
Finding the
best option that is most suited to your financial goals is the
highest priority at PrimeLending.
When you are a leader in the industry, things are always changing. Find out what
PrimeLending is doing to stay the Number One Residential Mortgage Lender in the
Metroplex.
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Adjustable Rate Mortgages (ARMS)
The interest rate on an
Adjustable Rate Mortgage may be adjusted periodically, usually in response to
changes in the Treasury Bill or the London InterBank Offering Rate (LIBOR).
The interest rate is fixed for a certain period of time (the adjustment
period). After the fixed period, the rate varies depending on market. Common
ARMS are fixed for 1, 3, 5, 7 or 10 years.
Pros
·
Lower
initial payments
·
Ideal if
you plan to own a home short-term
·
Fixed rate
during adjustment period
·
If
interest rates fall, your rate falls too
·
May allow
you to qualify for a larger loan.
Cons
·
Less
long-term stability
·
After the
adjustment period, interest rates typically rise
·
When rates
are low, an ARM maybe the ideal choice if you know you won't be living in your
home for a long time. However, a fixed rate mortgage can offer stability and
long-term benefits that add up over the years. So think carefully and consider
how long you plan to live in your home when deciding which rate to choose
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