Say YES To Lower Gulfport Home Mortgage Payments
If you are like the many Gulfport home owners who took advantage of the teaser rates offered by adjustable rate mortgages a few years ago, your rate may soon be rising as the fixed period on your loan comes to an end. As your mortgage begins to adjust, your payments will likely rise. If keeping your payments low is important to your family, take action before your fixed rate period ends.
There are ways to maintain your low mortgage rate and keep your monthly payments from fluctuating. Options include refinancing your adjustable rate mortgage into a fixed rate loan or getting a new loan with a longer term.
Whether the best option for you is to refinance your adjustable rate mortgage into a fixed rate mortgage, or another adjustable rate loan, will depend on how many more years you plan to live in your Gulfport home. If you are going to live in your primary residence for several more years, a fixed rate mortgage will give you stable, predictable payments. With a fixed rate mortgage, you can plan your monthly budget around your house payment.
On the other hand, if you plan to sell your home in the next few years, another adjustable rate mortgage may be better for you. Because adjustable rate mortgages have lower rates during the fixed period of the loan, you can enjoy low payments while you live in your home and save money to use for your next home purchase. Proper planning is essential to making an adjustable rate mortgage work for you. If you are able to sell your home or refinance your mortgage before your loan adjusts to a higher rate, you can save a significant amount of money with an adjustable rate mortgage.
Every homeowner has a unique situation, so it is important to speak with a loan officer to learn about all of your options before you make a decision regarding your mortgage. For more information on mortgage options, contact us today.
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