Lock and Lower your Rates
Is your rate higher than the current market? Check, lock, and lower here!
Were you a homebuyer that was drawn to the adjustable rate mortgages for their low starting rates? An ARM can be a great option but at times can put buyers in a bind after the initial fixed period expires and their monthly payment skyrockets. Refinancing your mortgage to a fixed rate gives you the stability and ability to lock your payment and gain back the power! Stay on top of your principal and interest payments, remember – check the rates, lock the rate you want, and lower that payment.
What do I gain from fixing my rate?
If you’re at a time in your life where you are looking for more consistency and predictability, then a fixed monthly payment could be just right. Refinancing to a fixed mortgage will give you the ability to budget for monthly expenses. So don’t worry, be happy with your never changing monthly principal and interest payment.
Show me the facts:
Locking your payment will essentially spread out your loan payments into equal monthly payments over the length of your loan term. With a fixed rate, the total principal and interest payment will be unchanged from month to month.
Because we bring honesty and integrity online, we like to point out that, although your total principal and interest payments don’t change there is still a chance for your overall payment to increase or decrease. These changes could be caused by, changes in your property tax or homeowners insurance, elimination of mortgage insurance, or additional fees like late or missed payments (save yourself some money and not do that, okay?!)