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Moving A.Long Realty
Fixed-rate mortgages

You plan to be in your home for many years and want a steady interest rate.

Features
  • Good for purchase or refinance; terms of 15, 20 and 30 years
  • The interest rate and monthly payment stay the same for the life of the loan.
  • Use your loan to buy a primary residence, invest in a second home or buy an income property
Why choose a fixed-rate mortgage
  • You want a stable monthly payment
  • You plan to stay in your home for many years
  • You like your interest rate
 


ARM (Adjustable Rate Mortgage)

You're looking for lower initial monthly payments.

Features
  • Good for purchase or refinance; terms of 15 and 30 years
  • Many of our ARMs are assumable
  • Use your loan to buy a primary residence, invest in a second home or buy an income property
  • A loan prepayment penalty may apply
Why choose an ARM
  • Initial monthly payments are typically lower than payments on fixed-rate loans
  • You plan to own your home for only a few years
  • You’re confident your income will increase enough in future years to handle any increase in payments
How adjustments work in ARM loans Periodic and lifetime rate adjustment caps help you plan for the future.

  • Rate adjustment caps limit how much your interest rate can go up or down at each adjustment period
  • Rates can adjust up or down based on the movement of a specified index. The rate consists of an index plus a  margin. The margin is determined at the time you lock in your interest rate.
  • The index used is based on the particular ARM loan and is a standard industry-recognized interest rate "benchmark"
  • Each year your loan margin is added to the index value to determine your new interest rate. Your monthly payment changes as the index changes.
  • With all ARMs, you get a lifetime interest rate cap, which is determined at the time you lock in your interest rate. You know from the start the maximum rate you would ever have to pay.
Alycia Long, Broker/Owner Licensed in LA along@movingalongrealty.com 985.707.7910