• Frequently Asked Questions

  • Which Type of Loan Is Best for You?

    We will definitely want to find out more about you before throwing out loan options. You wouldn't expect a doctor to suggest surgery before assessing your medical situation, so choose a broker who gathers enough information from you before recommending a particular type of loan.

    We can thoroughly explain the pros and cons of fixed rate loans, adjustable rate loansinterest only loans, and what type of loan is best for your situation. Find out how each would fit in with your personal circumstances. 

    The interest rate never changes with a fixed rate mortgage, so you'll know what your monthly payment is until you make the last one. An adjustable mortgage rate depends on the market, so it can fluctuate, but typically not within the first five years. 

    There are so many options that the best thing you can do is come in and meet with us.


    What Is the Interest Rate and the Annual Percentage Rate?

    A loan's annual percentage rate (APR) is derived through a complex calculation that includes the interest rate and all the other related lender fees divided by the loan's term. Not all brokers compute APR correctly, and there's no way to accurately compute an APR rate for an adjustable loan. An APR does not account for early payoffs. A Fixed Rate loans APR never changes.

    Questions to ask your mortgage lender when choosing an ARM include pinning down the adjustment frequency if your interest rate is adjustable, as well as the maximum annual adjustment, the highest rate or cap, the index, and the margin.