Types Of Loan Programs Fixed vs Adjustable

One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to “hybrid” the two.

An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs.

Licensing

Mark Avila NMLS Lic# 332647
DRE Lic# 01448448
Pacific National Lending NMLS Lic# 115924

PNL Logo

RCCC_Horizontal_Logo_Large_Hi-Res_PMS

Location

Contact Us

Pacific National Lending - Mark Avila Loans
2377 Gold Meadow Way
Ste 100
Gold River, CA 95670

Number:
(916) 947-0644

Hours:
MON-FRI 8AM - 5PM

CONNECT WITH US

More Links