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Introduction |
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At Countrywide's Full Spectrum Lending Division, we offer a number of different home financing options, each with benefits designed to
suit the varied needs of our borrowers. In order to ensure that you choose the home loan that is most appropriate for your home financing needs and goals, we can
provide information to help you to understand the advantages of each of our home loans, and show you how they could help you to
finance your home today—and manage your mortgage payment tomorrow.
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There are three types of home loans that you can choose from when you purchase or refinance your home. Read on to learn more about our
Fixed Rate Mortgage, Adjustable Rate Mortgage, or Combination Rate Mortgage, and to find out
which of our loans would meet your specific home financing needs.
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With a Fixed Rate Mortgage, your monthly principal and interest payments remain unchanged throughout the life of the
loan – as the name implies, the interest rate and mortgage payment are fixed.
You should consider a Fixed Rate Mortgage if:
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You want the stability of a fixed principal and interest payment. |
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You plan to live in your home for more than five-ten years. |
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You think your earnings and expenses will remain stable. |
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You want to avoid monthly payment increases in the future. |
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An Adjustable Rate Mortgage is a popular choice in home loans as it offers initial lower monthly
payments and frees up the greatest amount of cash for borrowers early-on.
This type of home loan may be the one for you if:
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You need the added affordability of an adjustable rate home loan in the initial period of the loan. |
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You do not mind periodic changes in your monthly payments (increases or decreases). |
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You plan to move out of your home or refinance within a few years. |
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You think your earnings are likely to increase in the future. |
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You do not mind potential payment increases in the future as a tradeoff for receiving lower initial monthly payments on your home loan. |
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A fixed-period Adjustable Rate Mortgage, or Combination Rate Mortgage is just that – a hybrid fixed rate and adjustable rate loan.
A fixed-period ARM has a fixed interest rate and monthly principal and interest payment during the first few years of the loan
(the "fixed period", usually 1, 3, 5, 7 or 10 years), and an adjustable rate and payment after the fixed period.
This home loan would suit your needs if:
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You want a lower starting interest rate and payment that could allow you to make consistent, on-time mortgage payments that could
improve your credit rating, with a future goal of refinancing at a lower rate. |
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You want the assurance of a fixed principal and interest payment in the short term. |
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You wish to borrow a greater amount and pay a lower starting monthly payment than with a standard Fixed Rate Mortgage. |
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Not sure what type of home loan is right for you? Call one of our experienced Loan Consultants now at 1-800-909-8217 for a no-cost,
no-obligation loan consultation. They can help you choose our best loan possible to meet your needs and help realize your dreams.
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Home Loan Advisor |
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Our home loan advisor calculator can help you narrow down your possible loan choices into the one that's right for you. All you need to do is tell us a little about what you're looking for.
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Equal Housing Lender. ©2008 Countrywide Bank, FSB, Full Spectrum Lending Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries.