Purchasing a new home can be exhilarating
and extraordinarily stressful at the
same time. At Freedmont Mortgage® ,
we take pride in simplifying the process,
so your stress is minimized and you
have more time to think about your
new home's possibilities.
There are many different ways to
finance the purchase of a home. Selecting
the right mortgage may be the most
important financial decision you will
ever make. We'll provide you
with all the information you need
to make the right decision. Each of
our loans offers unique advantages
and several are specifically tailored
to individual financial circumstances.
We think you'll find it easy
to locate the perfect loan. In general,
all of our loans fall into two main
categories:
- Adjustable Rate Mortgage (ARM)
- Fixed Rate term
The main difference between these
mortgages is that the interest rate
and/ or options and the monthly payment
of a fixed-rate mortgage remain the
same for the life of your loan, whereas
an ARM adjusts periodically or is
fixed for a short period and is then
adjusted periodically.
Each has its own advantages, and
we offer several variations to choose
from. We also provide an array of
interest only options — all
of which are among the best you will
find in the industry. Please read
on to discover the type of loan that
is best for you.
Hybrid Arms
Our Hybrid Adjustable Rate Mortgages
offer all the features of a fixed-rate
loan combined with extraordinary
initial value. With a Hybrid ARM,
you may start with an initial fixed
rate for one, three, five, seven,
or ten years. After the specified
period, the rate may change annually.
Interest rate caps determine the
maximum allowable increase or decrease
when the rate changes, and a lifetime
cap determines the maximum allowable
increase over the life of the loan.
For example, one of our most popular
adjustable rate mortgages is a 5-year
ARM. The interest rate and payments
on this loan do not change for the
first five years, but can change
thereafter.
The advantages of an adjustable
rate mortgage include affordable
payments and financing, a lower
introductory interest rate and more
financial freedom at the beginning
of your home ownership. An ARM can
be the ideal loan for many homebuyers.
You should consider an ARM if you
may live in your home for five years
or less, if your income is likely
to increase or if you would simply
like to maximize your buying power
and prefer to save extra cash during
the first few years of your mortgage.
Feel free to give one of our personal
loan consultants a call at (800)
955-8508 to learn more about the
details of our adjustable rate mortgage
products.
Fixed-Rate Mortgages
Fixed-rate mortgages are ideal
for long-term homeowners. They provide
the stability of a fixed interest
rate and monthly payment for the
life of your loan. Although the
initial payments of a fixed-rate
mortgage may be higher than with
an ARM, you assume less risk with
this loan. We offer anywhere between
5 and 30 year terms.
With a fixed-rate loan, your interest
rate and monthly payment are locked
at the beginning. You might pay
a little more for this security,
but for many people, the resulting
peace of mind is worth it. This
loan protects you from rising interest
rates, and if the rates drop, you'll
have the option to refinance your
loan and experience big savings.
Fixed-rate mortgages are often
preferential to homebuyers who have
consistent, fixed incomes, and/or
prefer the security of steady payments.
Please give us a call at (800)
955-8508 and ask one of our personal
loan consultants to further explain
the advantages of our fixed-rate
mortgages.
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