Types Of Loan Programs Fixed vs Adjustable

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.

About Us

THANK YOU FOR VISITING M&M MORTGAGE, LLC LOCALLY OWNED AND OPERATED IN ROSEVILLE MN.

  • Experienced and Seasoned Ownership and Operations Team
  • Broker through a Variety of Wholesale Lenders
  • NMLS and SAFE Licensed Mortgage Consultants

 We are committed to building a diverse workforce of talented individuals who embody our mission to bring smart perspectives and practical outcomes to our clients. At our core, we believe diversity and inclusion are table stakes and work each day to promote these values through a variety of initiatives, activities and organizations.
READ MORE

M&M Mortgage, LLC

ROSEDALE TOWER
1700 West Highway 36
Roseville, MN 55113
Phone: (651) 639-9806
Fax: (651) 829-3226
Email: mkopiecki@themmmortgage.com