Fixed Rate Mortgages vs Adjustable Rate Mortgages
At PIF Lending we know that most borrowers like to know exactly where they stand with their mortgage payment each month. Predictability each month without the worry of facing an increase or constantly varying payment amount as can happen with an adjustable rate mortgage. A good mortgage broker will be able to explain and help calculate with some degree of accuracy your potential 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, fixed rate in particular, have specific down payment requirements depending on the terms of the loan. They also take into account the debt to income ratio of the borrower and appraised value of the property being loaned against.