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Fixed Rate Loans

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A fixed rate mortgage provides you with a stable interest rate and payment that will not change over the life of the loan.
Consider a fixed rate loan when:

• Interest rates are low

• You plan to stay with the house for more than 10 years

• You want stable monthly payments

• You're on a fixed income

Adjustable Rate Mortgage Loans

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An adjustable rate mortgage typically begins with an interest rate that is 2 to 3 percent below the comparable fixed rate mortgage and the rate is adjusted at set intervals. The adjustment is determined by the index associated with the type of ARM. As the index fluctuates so does the interest rate. The indices can be referenced in the Wall Street Journal. Some common indices are described below:

A One-Year T-Bill, which is the interest rate earned on treasury notes issued by the U.S. government with a maturity date of one year. The interest rate varies, according to market conditions.

Cost-of-Funds Index (COFI), which tends to be more stable than the One-Year T-Bill rate. The margin is the amount, say 2.5 to 3.0 percent, which is added to the index at the time of adjustment.
Consider an ARM loan when:

• Fixed interest rates are high

• You only plan to keep the loan for a short while

• You only plan to stay in the same home for a short while

BlueMortgage.com provides a wealth of information about the various phases of a real estate loan transaction.  We also provide helpful advice to assist you through the process.  Take a look at our Mortgage Information Gateway menu, and click on any option that interests you.