When purchasing a home, selecting the right type of mortgage depends entirely on what you are trying to accomplish financially and how long you intend to keep your home. For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, compared with a 30-year fix mortgage, but your monthly payments will be higher.

Alternatively, with an adjustable rate mortgage you may start with a lower monthly payment than a fixed rate mortgage, but they could get higher as the interest rates change. When looking at an adjustable rate mortgage, we advise our clients to consider the length of time they intend to keep their home and make sure that they can afford a interest rate increase. If your Adjustable Rate Mortgage (ARM) is about to reset, call us today to refinance into a safer, reasonable, fixed rate!

The mortgage brokers at Paragon Financial Group make the loan process as simple and easy for our clients as possible. We take the stress out of the loan process.