Fixed Rate Mortgages vs Adjustable Mortgages

Fixed Rate Loans are the Most Common Home Loan

Mortgage Companies In Las Vegas Like Pif Lending Offer Excellent Terms On Fixed-Rate Loans.

Most borrowers like to know exactly how much their mortgage payment will be each month and year after year. Predictability is a major factor in deciding to purchase a home instead of renting a home where your rent could potentially just continue to grow higher and higher each time you renew your lease. Most home buyers and mortgage borrowers want to pay the same amount each month without worrying about facing a drastic payment increase when their mortgage adjusts.  A constantly varying payment amount can lead to confusion and missed payments with an adjustable-rate mortgage.  Fixed-rate loans can be 15 or 30 years, and the interest percentage you pay on the loan stays the same even if the market interest rate gets much higher during the course of your mortgage.

Here is a list of RESOURCES on our website to help you during your loan process.

MOST LAS VEGAS HOME LOANS ARE

FIXED RATE MORTGAGES

Fixed rate mortgages are the industry standard when writing a home loan and have been for many years. The reason these loans are so popular is that you can budget and plan for exactly how much your monthly payment will be, knowing your interest rate will not change for the duration of your loan unless you refinance your home loan. You know upfront what your interest rate will be for the entire loan duration, with the only variables to your mortgage payment being if there are changes to your property tax rates, HOA Fees, or homeowner’s insurance. Our PIF Lending mortgage brokers are experienced in all types of fixed-rate mortgages and can explain how they work during an initial phone, Zoom, or in-person meeting with you. There are many components and terminologies that may not be familiar to you. At PIF Lending we are happy to take whatever time is necessary to help you understand your loan application, what documents are needed and why, and how the process works.

How Do I know if a Fixed rate mortgage or

adjustable rate mortgage is best for me?

A good mortgage broker will be able to explain and help calculate with some degree of accuracy your projected mortgage payment based on interest rates, your credit score, employment history, available programs, and the amount you are asking to borrow. Each type of mortgage, including fixed rate loans, has specific down payment requirements depending on the terms of the loan. They also consider the debt to income-ratio of the borrower and the appraised value of the property being loaned against. 

We Initiate The Fixed Rate Mortgages Las Vegas Deserves

Property values continue to increase in Las Vegas, Henderson, and North Las Vegas and are expected to keep going up. The time is NOW to lock in a low-interest rate for your new home! A knowledgeable mortgage broker can take advantage of the competitive nature of lenders and can prepare several loan options you can review and choose from before you settle on a fixed-rate mortgage. Current interest rates are at all-time lows, and there are different terms for fixed-rate mortgages based on the length of time on the mortgage. One of the most important things an experienced mortgage broker can provide is a thorough explanation of the paperwork. You need to understand what you are signing and how the whole process will work as a PIF borrower. Mortgages are very complicated, and there is a lot of paperwork required that can be confusing and overwhelming without help. You need to know what you are signing and how it will affect you. A good mortgage broker can put things in terms you can easily understand while making the purchase of a home as simple as possible. Now is a good time, while interest rates are still low, to look at Las Vegas mortgage rates and make an offer on a home before prices and mortgage interest rates further increase.

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