| Fixed Rate Mortgages
Fixed rate loans are available in
basically two terms, 15 years and 30 years. 10 year and 20 year
loans are also available but are typically priced the same as 30
and 15 year loans. Fixed rate loans are just that…the rate
is fixed at the time of closing and never changes. If rates go up,
you are protected. If rates fall, you can refinance. These type
loans typically offer a higher interest rate than an Adjustable
Rate Mortgage.
Adjustable Rate Mortgages
Adjustable Rate Loans (ARM's) feature some
type of adjustment. This can be the rate, the term, or the principal
balance. Some ARM's have an initial fixed rate option. These 30
year loans are typically fixed for a period of 2 to 10 years and
then begin to adjust on a regular basis, typically annually. The
interest rates on ARM's are usually lower than fixed rates. Underwriting
guidelines, in many cases, are less stringent.
Contact a Representative Now
Call American Community Mortgage for all your mortgage needs! Contact one of our mortgage officers today.
Lisa Dellinger: 704-573-6547
Allen Helms: 704-821-1014
Elaine Helms: 704-573-6547
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