It all depends on your situation. Before you decide, take a look at the top reasons for getting a fixed-rate mortgage over a variable rate option.
Fixed-rates give you greater confidence that you can make your mortgage payments since they are predictable. Economic shifts have no impact whatsoever on how much you pay.
With a fixed-rate home loan, the interest rate on your loan remains the same for an agreed period -- the most common of which are 30, 20, and 15 years.
Since your interest rates remain the same over time, a fixed-rate mortgage allows you to budget the rest of your finances.
Interest Rates Have Increased
Borrowers May Not Qualify
Due to DTI Calculation
Time To Consider
NO RATIO PROGRAM
No DTI calculation
No Income on Application
No Employment on Application
No Tax Returns
No W2s
No 1099
Only Required to Have
as low as 20% Down Payment
80% LTV = 720+ FICO - 12 Months Reserves
75% LTV = 680-719 FICO - 9 Months Reserves
65% LTV = 660-679 FICO - 9 Months Reserves
Funds for Down Payment
Closing Costs
Prepaid’s
Reserves
Primary Residence
Second Home
Purchase
Refinance
Minimum Loan $200,000
