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Loans are priced, in part, based on how long the interest rate will remain fixed. For example, if the rate is fixed for 30 years (e.g. a 30-year fixed rate) the lender will charge a higher interest rate than for a 10-year fixed rate. Likewise, a 5-year fixed rate will have an even lower rate. Loan rates are typically set (fixed) for 1, 3, 5, 7, 10, 15, 20 or 30 years.
If you plan to sell in three years, you don’t need a 30-year fixed rate. On the other hand, if you may sell or refinance in the future but don’t know when, fixing the rate for a longer term ensures that your payment will not change.
Are you a first-time buyer? Do you need features such as a low-down payment, low initial interest rate, or interest-only payments? These options will affect the type of loan and rate. There are too many options to discuss here, so tell your mortgage broker about your needs and discuss the pros and cons of the options available.
Next, find out the going rate for your type of loan. Find out more about getting the lowest interest rate here: How to Get the Lowest Rate
Tip: you can get free interest rate alerts at our website InterestRateAlerts.com
Steve Rumberg is an expert loan broker and he will expertly guide you to the right type of loan by asking questions and informing you of the options available, including the advantages/disadvantages of each. After talking with Steve, you will feel confident that you are making the right choice for your situation.
Steve is your single point of contact for the entire loan process, from application to funding, ensuring that you receive prompt, accurate service.
Contact Steve now to get started.
Direct: (408) 723-5200, Toll-free: 1(866) 597-3258 x 1100,