Fix VS. variable mortgage rates at 1st National Bank of Dennison offers families a variety of ways to help pay for the perfect family home!
Looking forward to finding the perfect home for the family? Whether your family is growing in size or flying the nest, seeking mortgage help from the local bank is optimal. If you already have a home mortgage, it may be worthwhile to investigate new mortgage loans and refinance as they are much lower compared to previous years.
Fixed-rate Interest Mortgage
- A fixed-rate mortgage loan is a fully amortizing loan where the interest rate on the loan remains the same through the entire term of the loan.
- The interest rate, as well as the length of the loan, remains the same and does not change regardless of the current market conditions.
- The monthly payment stays the same as the amount does not change and is consistent for the entire duration of the loan.
- This makes budgeting very helpful for families.
- Most banks provide different loan periods, that can vary from 10, 15, 20, 25, and 30 years.
Variable-rate Interest Mortgage
- Also known as an Adjustable Rate Mortgage (“ARM” loan).
- This is different from a variable rate mortgage in which the interest rate may adjust or “float”.
- It may have a lower rate in the beginning and monthly payment compared to fixed-rate mortgage.
- Most commonly used for smaller loan amounts under $50,000.
- Typically have lower closing costs and timely closing periods.
- Banks have devoted home mortgage specialists able to help find the best rates and payment plans for any budget by exploring fix VS. variable mortgage rates.
- Contact them via phone, in person, or e-mail.
- The Federal law mandates that all banks and financial institutions in the United States collect, verify, and record information about each person opening a new account such as name, address, birthdate, etc.
The First National Bank of Dennison has many FREE online financial calculators to help plan fix VS. variable mortgage rates. The calculators also have financial terms and definitions explained as well as visual charts for clarity.
- Bi-Weekly Payment
- Mortgage Loan
- Mortgage Tax
- Adjustable-Rate Mortgage
- Mortgage APR
- Reverse Mortgage
- Mortgage Payoff
- Mortgage Points
- Mortgage Qualifier
- Mortgage Refinance
- Rent vs. Buy
- Refinance Savings
- Mortgage Comparison
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