|
Which
Loan Program is Right For You?
At Strategy Mortgage, we ask you to think how long you plan to
be in your home. We suggest a mortgage that matches your
home ownership expectations. If you plan to be in the same
home for a long time, then a fixed rate program may be right
for you. On the other hand, very few homeowners remain in
the same home for 15 or 30 years. You might be better served
by an adjustable rate mortgage with a rate lock term that matches
your plans. A rate that is fixed for 3, 5, 7, or even 10
years before being subject to a rate adjustment may be the perfect
program for you.
Fixed Rate Mortgage
The interest rate is fixed and not subject to change for the full
term of your mortgage, either 15 or 30 years.
Adjustable Rate Mortgage
Rates on these programs are fixed for the first 3, 5, 7, or 10
years before adjusting annually thereafter.
Interest Only Mortgage
The monthly payment is comprised entirely of interest and does
not require any principal to be paid until the first rate adjustment.
These programs with exceptionally low payments offer a great deal
of flexibility. If you make additional payments towards
principal, the monthly payment automatically is reduced based
on the lower principal balance.
|
