Allrate Funding has 10, 15, 20, 25, and 30 fixed rate loans and 10/1, 5/1 and 3/1 ARM loans.
The benefit of a fixed-rate mortgage is that the homeowner will not have to contend with varying loan payment amounts that fluctuate with interest rate movements.
There is typically a trade-off when it comes to choosing a mortgage between risk and reward, or between an adjustable-rate mortgage and a fixed-rate mortgage.
Depending on market conditions (the shape of the yield curve), an adjustable-rate mortgage might have a large initial payment advantage over a fixed-rate mortgage.
However, if such a scenario exists, there is a probability that the payments on the adjustable-rate mortgage will rise over time.
Mortgage borrowers need to understand and measure risks when deciding between an adjustable-rate and fixed-rate mortgage.
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