Joanna Howard

Sr. Residential Mortgage Consultant

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Types Of Loan Programs Fixed vs Adjustable

One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to "hybrid" the two.

An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs.

Contact Us

Joanna Howard -
Your Mortgage Girl For Life

10542 S Jordan Gateway #300
South Jordan, UT 84095
Phone: (801) 750-5373
Email: joanna@luneta.loans

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Licensing

NMLS 668373
AZ License: 0924671
CA License: CA-DOC668373
TX License: 668373
UT License: 5499094
FL LO108882
Luneta Home Loans #2027806
Utah - 11992719/11992726