Fixed v. Adjustable Rate Loans

There are a few differences between Adjustable and Fixed Rate Loans

If you are shopping for a mortgage or have questions, please call us at (512) 537-8000

Fixed Rate Loans

A fixed-rate mortgage is a type of loan in which the interest rate and monthly payment remain the same over the life of your mortgage; property taxes and homeowners insurance premiums may increase over time. The first few years of payments on a fixed-rate loan are applied primarily to pay interest. The amount paid toward principal goes up slowly each month.

If you have a fixed-rate loan, your interest rate won't change. On the other hand, if you have an Adjustable Rate Mortgage (ARM) and indices go up, your monthly payments will increase. If you are considering refinancing, call the Cody Reid Team, OriginPoint LLC (except CA) at (512) 537-8000 for details.

Adjustable Rate Mortgage

There are many different types of interest rates. Interest rates for adjustable rate mortgages, for example, are often determined by a federal index. Some examples of outside indexes include: the 6-month CD rate, the 1 year treasury securities rate, or the current and common index of Secured Overnight Financing Rate (SOFR), or others. Most adjustable-rate mortgages have rate caps, so your interest rate won't go up more than a specified amount in one period.

Adjustable Rate Mortgages (ARMs) are loans with interest rates that can change. ARMs usually start out with a lower interest rate, but at some point the rate will likely go up. ARMs are best for people who plan to move within the next couple of years, an adjustable rate mortgage can be a good option.

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1800 W. Larchmont Avenue, Suite 305, Chicago, IL 60613, 855-997-6468

Cody Reid NMLS ID: 218862; AZ - 1016196, CA - CA-DBO218862, CO - 100513692, CT - LO-218862, FL -LO67686, GA - 42575, KS - LO.0043213, MA - MLO218862, MD - 218862, ME - Licensed, NC - I-194369, NH - Licensed, NJ - Licensed, OH - MLO-OH.218862, IL - 031.0064799, IN - 49166, PA - 81115, SC - MLO -218862, TN - 212790, TX - Licensed, MI - 218862, MN - MN-MLO-218862, VA - MLO-218862VA, WA -MLO-218862, WI - 218862, WY - 103722, OK - MLO10073, OR – Licensed

Phone:

(512) 537-8000

Address:

8900 Business Park Drive
Austin, TX 78759

Hours of Operation:

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9:00 a.m. to 5:00 p.m.

Texas Consumer: How to File a Complaint

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Restrictions may apply, contact OriginPoint for current rates and for more information. https://people.originpoint.com/cody-reid-218862

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