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.

Licensing

1st Call Mortgage, LLC
NMLS 2043818

Nate Guilliot
CEO| NMLS 876490| CO MLO 100041884| AZ LO 1012581| AZ Branch NMLS 1021399 | TX LO| FL LO76670| MS 876490

Evelyn Guilliot
Loan Originator| NMLS 1550022| CO MLO 100519361| MS MLO 1550022

Location

Contact Us

1st Call Mortgage, LLC
6555 US Highway 98 W
Ste 14
Hattiesburg, MS 39402

Number:
MS Office: (601) 407-9824
CO Office: (719) 375-0373
Toll Free: (866) 237-5275

Hours:
MON-FRI 9AM - 5PM