Whether you are purchasing a home, renewing your mortgage or refinancing your existing mortgage, Fullerton mortgage rates - fixed or adjustable - can affect your loan options.
Just as you have options when it comes to mortgage products, you have options when it comes to mortgage rates as well. As a team of trusted Fullerton mortgage professionals with the backing of American Financial Network, Matthew Campbell and his team are dedicated to offering every client the most competitive interest rates for their mortgage needs.
As mentioned before, Fullerton mortgage rates can be influenced by the length of the mortgage’s term, or by the type of the rates.
Simply put, a fixed rate is a rate that remains the same for the entire life of the loan. The rate remains fixed, or constant, which is often appealing because it results in fixed amounts for monthly payments. This allows borrowers to budget their finances more accurately.
With a fixed-rate mortgage, consistency is the key!
An adjustable rate mortgage is slightly more complicated than a fixed-rate mortgage because the interest rate does not remain constant. With this type of rate, fluctuations in the market have the potential to shift the rate, both up and down. Adjustable rates have the potential to be lower than fixed rates, which is what originally entices borrowers, but they also have the potential to be higher than fixed rates, making them the riskier of the two options.
Many people who refinance their mortgage end up refinancing their adjustable-rate mortgage to a fixed-rate. This generally makes the most sense when interest rates are at a noticeable low.
The option between a fixed and adjustable rate is offered on nearly every type of mortgage, including both first and second mortgages, refinances and renewals.
Talk to a trusted Fullerton mortgage professional, like Matthew Campbell, today! He will review your situation and the current market and help you decide on the best rate option for your needs! Call Matthew today at 714-352-0422 for more information.