888.844.7077
Contact Us | About Us | Home

 

888.844.7077
Contact Us | About Us | Home

 

interest rates application payment
interest rates application payment
home loans

 

Quick Loan Application
 
Figure if you can afford your
DREAM HOME,
Prequalify Today!

 

Quick Loan Application
 
Figure if you can afford your
DREAM HOME,
Prequalify Today!
Simple and Easy Mortgage Loans
Simple and Easy Mortgage Loans

Trade Your ARM for a Fixed Rate

By switching to a fixed rate loan, you will not only reduce your payment, you will also likely lock in an attractive rate for as long as you own your home.

In fact, while one year ARMs currently offer tempting introductory rates, most experts recommend avoiding them, because you could easily find yourself facing sharply higher payments in the near future, even if interest rates don't rise. Why? Well, after the introductory rate expires, ARMs are typically pegged to the one year Treasury rate (recently 5.25%) plus 2.75 percentage points, with increases of as much as two points a year. Assuming interest rates don't change, you would pay 7.59% in the second year (the full two point increase) and 8% in the third year.

There are certain cases, however, where an ARM makes sense. If you are fairly certain you'll be moving within five years, you can save some money -- and avoid rising payments -- with a five year ARM. Such loans offer a fixed rate for five years and adjust annually thereafter.

 1st Rate Home Mortgage, Inc. 
All Rights Reserved

 1st Rate Home Mortgage, Inc. 
All Rights Reserved

888.844.7077
NMLS ID: 37411 | http://www.nmlsconsumeraccess.org/ | Texas Consumer Complaint and Recovery Notice

Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Maryland, Michigan, New Mexico, Oregon, Texas, Utah,
Virginia, and Washington
AK37411, AZ0940290, CA BRE-01863044, CA DBO-603G892, FL MLD1188, HI-37411, ID MBL-7153, IL MB.6761146,
MD 21315, MI FL0018183, NM 03711, OR ML-4837, UT 9896852, VA MC-5623, and WA CL37411
 



 

 

 

888.844.7077
NMLS ID: 37411 | http://www.nmlsconsumeraccess.org/ | Texas Consumer Complaint and Recovery Notice

Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Illinois, Maryland, Michigan, New Mexico, Oregon, Texas, Utah,
Virginia, and Washington
AK37411, AZ0940290, CA BRE-01863044, CA DBO-603G892, FL MLD1188, HI-37411, ID MBL-7153, IL MB.6761146,
MD 21315, MI FL0018183, NM 03711, OR ML-4837, UT 9896852, VA MC-5623, and WA CL37411