Fixed-Rate Mortgage
A fixed-rate loan offers borrowers the stability and peace of mind of a guaranteed interest rate with a fixed monthly payment throughout the life of the loan. This type of mortgage gives you the ability to spread payments out over a long period of time and may help you budget your finances more effectively without having to worry about unexpected rises in interest rates. Bridgeview Bank Mortgage offers 10, 15, 20 and 30-year fixed-rate mortgages.
Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage, or ARM, has a fluctuating interest rate and the potential for changing payment amounts throughout the life of the loan. Typically the initial interest rate of an ARM is lower than that of a fixed-rate mortgage so your initial mortgage payments may also be lower, lasting anywhere from 6 months to as many as 10 years before it adjusts to fluctuations in the market. ARM’s may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or the interest rate for a fixed rate mortgage is too high.
FHA Loans
FHA loans are backed by the federal government and designed to assist a greater number of Americans own or refinance a home. They feature both fixed and adjustable rate options.
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