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home loan options
- A fixed-rate mortgage charges a set rate of interest that remains unchanged throughout the life of the loan. Although the amount of principal and interest paid each month varies from payment to payment, the total payment remains the same, which makes budgeting easy for homeowners. This is better in my opinion than trying to figure out which and when the rates on ARM's will go up or contract. Smart money is fixed rate.
Adjustable-rate mortgages (ARMs)
- An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After that, the interest rate resets periodically, at yearly or even monthly intervals. Personally I don't recommend this for first-time homebuyers.