|
Take advantage of the lowest available interest rates and
save as much on mortgage costs as you can.
Homeowner's refinance for various reasons. Check out the
options listed below, see if any apply to you? Click on
anyone to learn more about refinancing. Call with questions:
Fixed
Interest Rates
There are many forms of mortgages and many ways to pay them
off. Affordable Financial Services wants to make sure you get the best deal
possible. Fixed mortgages are said to be the safest because
the fixed rate protects you from the uncertainty of a
changing rate. A fixed rate guarantees that your mortgage
payments for interest and principal won’t change.
In the event of a substantial rise in the standard interest
rate, a fixed rate may work to your advantage. If you
take out a 15 year fixed mortgage at 6% and it falls to 4%,
you will lose out. If interest rates rise to 10%, you
would’ve made a wise decision. Affordable Financial Services wants to make
sure you make the best choice you can for your refinancing
goals.
Adjustable or Second Rate Mortgages
A fixed rate is set for the life of the loan. Affordable
Financial Services
offers variable rate mortgages, also known as ARM’s or
adjustable rate mortgages. Adjustable rate mortgages provide
for periodic changes in the interest rate. Most consumers
shy away from adjustable rate mortgages because they think
they will get stuck in a situation where they will pay a lot
more than with a fixed. Make sure you understand the terms
of your loan. Does your mortgage company’s contract allow
for adjustment and change of the interest rate, the limit or
lack of interest, and how often the company can change the
rate? Affordable Financial Services realizes that the mortgage option should
work for you, not the other way around. Make sure you know
how your lender will determine a new interest rate.
Interest Only Loans
Interest Only Loans allow you to pay interest on your loans
for five years. After five years your loan will require
monthly payments of principal and interest. Interest Only
Loans allow the buyer greater flexibility in housing
options. A buyer can take on a larger property with larger
payments and not have to worry about making regular monthly
payments right way. The buyer should keep in mind that payments
will increase substantially and money that was perhaps
invested elsewhere will be obligated to pay the mortgage.
Contact Affordable Financial Services today.
|
