Today's economy is very different from the economic state of our country five years ago, and with drastic changes in the real estate market as well, choosing the right mortgage is a crucial decision. There are numerous mortgage options available for prospective buyers at the current time; however, figuring out the pros and cons of each mortgage alternative can be a little overwhelming.
Adjustable rate mortgages (ARM's) are quite popular for buyers looking to purchase a home, without breaking their bank account. An adjustable rate mortgage basically means that the borrower is obtaining a loan with an interest rate that is initially lower than the average interest rate offered in fixed rate mortgages. Where this type of mortgage gets a little risky, is in relation to the future of the loan. This type of loan can be a bit of a risk, in that as interest rates increase, so can the monthly mortgage. Adjustable rate mortgages are really a better option when interest rates are predicted to decrease in the future, not increase. Also, lenders can offer interested home buyers an initial interest rate discount to choose ARM's. It is important for the borrower to do their homework to ensure that they will be paying enough of a mortgage to cover the monthly interest due. If the initial mortgage is too small, borrowers can end up causing their mortgage balance to increase, since their additional interest is accruing during this time period.
Few of us invest the time and effort into researching and securing the best deal for a mortgage to purchase our home.
For most of us, our house is the single most important and expensive purchase we ever make!
We invest a lot of time and effort into finding the perfect property in the best location and with as many of the features from our wish list as possible, yet, when it comes to finding the best deal for a mortgage, we take what is offered rather than researching and securing the best mortgage for our situation.
When you consider that the average homeowner will pay out more in interest over the lifetime of their mortgage than the home originally cost, you can see why getting yourself the best deal for a mortgage now, could save you tens of thousands of dollars in interest over the 20 Â 30 year term of your home loan.
Your research for the best mortgages or loans and repayment options currently available can be carried out on the internet, thus making the whole process that much more convenient and time efficient for you.
We have built a strong reputation as an outstanding bank, serving the lending needs of real estate professionals, builders and individual homebuyers throughout the state.
We're a full service bank with an experienced staff offering expertise in every area of mortgage lending...from purchase to refinance to construction lending. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique needs. But that's just the beginning of our service. Throughout the lending process, we provide regular loan updates and progress reports so you always know the status of your loan.