Want the security of knowing that your monthly mortgage payment of principal and interest will be the same for as long as you have your loan? Then a fixed rate loan can be an ideal choice for you.
- When you get the loan, the interest rate is set and will never change -- so you can budget accordingly. [top]
The interest rate on an ARM is fixed for an initial period. After that time, the interest rate may vary annually according to market conditions, in which case your monthly payments could change.
- Because ARM rates are fixed for a relatively short period of time, the initial interest rate can be lower than those of longer term fixed rate loans.
- Your Mortgage Loan Representative will give you a full explanation of the terms of the ARM loan you're considering. [top]
If you're looking to finance more than $417,000, a Jumbo mortgage from First American can be just the answer.
- Varies by type -- fixed rate or ARM
- Flexible terms
- A loan to fit your financial situation whether 15 year, 30 year or ARM [top]