These loan programs are fixed for the entire term of the loan. Choices include 30, 25, 20, 15, and 10-year terms. The rates will not change during the life of the loan. These loans can be used for the purchase or refinance of a personal residence, second home, or investment property.
Referred to as ARMs, these loans are fixed only for a period of time, typically 5 – 10 years. They will be amortized over a 30-year term. ARMs will have lower start rates than fixed rate mortgages but will adjust to current market rates when the fixed period has expired.
Huron Valley Financial, Inc. will assist you with a customized mortgage solution. Call 734-669-8000 or get your FREE Quote today.