What is the difference between a fixed-rate loan and an adjustable-rate loan?

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

Posted by Phillip Lanier on 01/02/2007 11:25 AM

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bank, bankers, brokers, finance, financial planner, home buying, home loans, lower rates, money matters, mortgage, mortgage broker, rates

This post has been included in Florida Information Brevard County, FL Information Melbourne, FL Information

1 Comments on What is the difference between a fixed-rate loan and an adjustable-rate loan?

You are absolutely right Phillip. The average consumer doesn't know which programs are the best for their unique situation!

01/03/2007 12:14 PM

by Nader Jomaa (None)

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Loan Officer: Phillip Lanier (Access e*Mortgage, Shore Point Financial)

Phillip Lanier
Melbourne, FL
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Access e*Mortgage, Shore Point Financial

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