Switch from an ARM to a Fixed Rate Mortgage
Just because you already have a home loan, doesn’t mean you’re stuck with it forever. Many homeowners prefer to move to a different loan and refinance for a better interest rate when market conditions are most favorable. At New American Funding, our licensed mortgage specialists have your best interest, not commissions, in mind. We can explain the difference between our Adjustable Rate Mortgages (ARM) and our Fixed Rate Mortgage Programs, and help you decide which option best suits your needs.
When markets are low, fixed rate mortgages are popular choice over ARMs because they protect homeowners from payment surprises in the future and offer predictable monthly payments. A fixed rate mortgage loan from New American Funding’s offers the following benefits:
- A fixed interest rate: If interest rates increase, it won’t affect your rate. This is the most stable home mortgage feature.
- Pay off your mortgage faster: You have the option to make larger monthly payments, which decreases the principal faster.
There are several mortgage loan options designed to fix your payments and refinance for a better interest rate. Each one has different benefits depending on your preferred payment schedule. Let New American Funding help you decide which is right for you. Our licensed specialists can offer the following:
- 30 Year Fixed Rate Mortgages and 15 Year Fixed Rate Mortgages: These are the most popular loan options for homeowners because they offer a fixed interest rate and low monthly payments.
- Fixed Rate Interest Only Mortgages: These loans feature interest only payments at a fixed rate for the term chosen, then, your monthly payment will increase to include both principal and interest. This type of loan is best for homeowners who need a low, predictable payment now, but expect to be more financially stable in the future.
- Jumbo Home Loans: For home buyers who require larger loan amounts. Variations of jumbo loans are available, including fixed-rate and adjustable rate options. Jumbo loans generally have higher interest rates as well as different down payment and underwriting requirements.
Talk with a New American Funding mortgage specialist today to find out if switching from an ARM to a Fixed Rate Mortgage is right for you so you can refinance for a better interest rate and terms. We can explain all your options and help you through each step of the loan process.