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Fixed Vs. ARM Programs

FIXED

Deciding what type of loan to get, selecting between a fixed rate mortgage and an adjustable rate mortgage is a major decision. In addition, choosing the length of the term for your mortgage loan is equally as important. No matter whether you are shopping for a starter home in Williamson County, TN or a maintence free villa for retirement in any of the Gulfcoast's great communities, these two decisions will be part of getting your home loan. Certainly, the experienced loan professionals at Lifestyle-Mortgage.com can work with you to ensure that your loan fits your financial situation and long-term objectives. It's wise to consult a Mortgage Broker to get additional advice on what loan term is best for you. As Alabama, Tennessee and Mississippi Mortgage Company Professionals, Lifestyle-Mortgage.com's people are always here to help secure your best mortgage home loan. Shop here for the best Home Buyer financing, great home refinancing terms, some of the nation's lowest mortgage rates, best Mortgage Calculators, and best mortgage quotes. GUARANTEED easy mortgage financing!

FREE HOME LOAN ADVICE

If you are planning on moving in a few years, you may want to go with an Adjustable Rate Mortgage, which will typically offer you a much lower interest rate. However, if you plan to stay in your home for a long time, it is much safer to choose a fixed loan at a modestly higher rate.

Fill out our quick application and a mortgage specialist will contact you and help you determine which type of loan is best for your situation. Lifestyle-Mortgage.com will find you the best home loan and best home purchase financing. GUARANTEED easy mortgage financing! User our Quick Apply to find out more!

15 Year vs. 30 Year Home Loan

30 Year Home Loan

Advantages: Your monthly payments are lower, since they are spread out over a longer period of time. Value added security in that the mortgage period is calculated as part of a Fixed Rate Loan. If you have low monthly payments, you also have the opportunity to pay additional money that would be applied directly to the principal. Prepaying some principal allows you the option of paying the loan off quicker, which could save you a great deal of money in interest over the term of the home loan. The reality is that the 30 year fixed rate mortgage is the safest and most secure program for a First Time Buyer to purchase with. This allows you get accustomed to paying a mortgage payment and adapt to all the costs associated with being a home owner. In Brandon, MS and in the other cities we serve, the 30 year mortgage is overwhelmingly the most popular mortgage we originate, especially for first-time home buyers.

Disadvantages: If you have the cash flow to consistently pay the extra money each month, you could do a 15 year mortgage and build equity much more quickly. This shorter term allows you to save a substantial amount in interest payments and to finance with a lower interest rate over the term of the loan. Want a quote for a 15 Year home loan in Tuscaloosa, AL or any of the other great cities we serve? Use our Quick Apply today!

15 Year Home Loan

Advantages: You will get a lower mortgage rate with a 15 year loan compared to the 30 year loan. This will save you a great deal of money in interest. This builds up equity much faster allowing more opportunities to perform a future Cash Out Refinance to take advantage of built up equity in your home.

Disadvantages: You will be required to pay higher monthly payments and that means less budgetary flexibility. If you have money problems due to unforeseen circumstances, the higher payments may create problems and place you in a situation where you need a Debt Consolidation loan to finance non-mortgage related items into the cost of your home.

You may also wish to consult with a Mortgage banker to get additional advice on what loan term is best for you. Call today or fill out our Quick Apply online.

ARMS

Our Initial Interest ARM Products

Initial Interest 3/1 ARM - A 1-Year CMT or LIBOR-indexed ARM mortgage with a 3-year interest-only period followed by a 27-year fully amortizing adjustable-rate period. 2/2/6 cap structure.

Initial Interest 5/1 ARM - A 1-Year CMT or LIBOR-indexed ARM mortgage with a 5-year interest-only period followed by a 25-year fully amortizing adjustable-rate period. 2/2/6 cap structure or 5/2/6 cap structure.

Initial Interest 7/1 ARM - A 1-Year CMT or LIBOR-indexed ARM mortgage with a 7-year interest-only period followed by a 23-year fully amortizing adjustable-rate period. 5/2/6 cap structure.

Initial Interest 10/1 ARM - A 1-Year CMT or LIBOR-indexed ARM mortgage with a 10-year interest-only period followed by a 20-year fully amortizing adjustable-rate period. 5/2/6 cap structure.

Initial Interest 3/1 10-year Interest Only Period ARM - Followed by a 20-year fully amortizing period and assumable for life of loan. 2/2/6 cap structure.

Initial Interest 5/1 10-year Interest Only Period ARM - Followed by a 20-year fully amortizing period and assumable for life of loan. 2/2/6 cap structure or 5/2/6 cap structure.

Initial Interest 7/1 10-year Interest Only Period ARM - Followed by a 20-year fully amortizing period and assumable for life of loan. 5/2/6 cap structure.

 


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