When you apply for a mortgage, one of the decisions that you will need to make is whether to take out a fixed or adjustable rate mortgage. Those who are looking for steady, long-term, predictable rates will want to consider a fixed rate home loan.
With a fixed rate home loan in Washington state, the interest rate at the start of the loan is also the interest rate which you will pay for the entire lifetime of the loan. It is locked in place or "fixed," and thus the name.
Here are a few reasons to consider a fixed rate loan:
With a fixed rate loan, there is less financial uncertainty. If interest rates in the area rise, you can rest assured that your interest rate will not. The loan will remain as affordable in the future as it is now.
The cost of a fixed rate loan is easy to calculate. The same cannot be said for an adjustable-rate mortgage over a long span of time, because there is no way to predict how much the ARM may cost in the future.
Whether you are purchasing a home now or you are considering refinancing in order to turn an adjustable-rate mortgage into a fixed rate loan, here are some situations where it might be appropriate:
Deciding between a fixed rate mortgage and an adjustable rate loan can be a challenge. If you have questions along the way, we can help. We have guided many buyers throughout Washington state in choosing a mortgage format to meet their short and long-term goals.
if you are ready to lock in an affordable fixed rate on a competitive mortgage in Seattle, Bellevue or the surrounding area, please give us a call at (206) 352-6453. We look forward to setting up a consultation.
Top Rated Mortgage Broker In Seattle
Blue Square Mortgage is located on 4212 33rd Ave W, Seattle. From Seattle-Tacoma International Airport (SEA) head southeast on Airport Expressway toward Departures Dr and use the left lane to keep left. Then keep left and slight left onto Airport Expressway. Keep left at the fork, follow signs for WA-509/WA-518 W and merge onto WA-518 W. Next, merge onto WA-518 W and take the exit onto WA-509 N toward Seattle. WA-509 N turns slightly left and becomes Hwy 99 N/E Marginal Way S. After that continue straight onto Aurora Ave and turn right onto Halladay St. At this point turn right onto 6th Ave N and turn left onto Dexter Ave N. Head straight for 0.5mi and turn left onto Nickerson St. Then continue straight to stay on Nickerson St and continue straight onto W Nickerson St. Finally, turn left onto W Emerson St and turn right onto Gilman Ave W. Continue onto W Government Way, turn left onto 33rd Ave W and Blue Square Mortgage will be on your left.
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Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.