Finding the perfect home loan is almost as exciting as finding the perfect house.
Almost. Whether you are buying or refinancing, we have loan programs that are right for you. Comparing Fixed Rate and Adjustable Rate Mortgages (ARM) will help you choose the loan that best fits your needs and future goals.
The biggest difference between ARM and Fixed Rate Mortgages is how interest works. Fixed rate loans have interest rates that do not change. ARM rates and payments are fixed for an initial period and then reset at specific intervals over the term of the loan. ARMs typically have a lower starting rate than fixed rate loans.
Fixed Rate Mortgages
At Excite, we offer 15, 20 or 30 year fixed-rate mortgages.
There are many upsides to a fixed-rate mortgage, including the security of knowing what your payment will be from month-to-month. If you don’t expect your income to rise significantly in the future or if you plan on staying in your home for at least ten years, a fixed-rate loan might be right for you.
Adjustable Rate Mortgages
ARMs can be a powerful tool for home buyers with shorter-term goals in mind that are looking for a lower interest rate.
Excite offers several 30-year term Adjustable Rate Mortgages including 3/1, 5/1, and 7/1 which adjust each (1) year after the initial fixed period. We also offer a 5/5 ARM which adjusts each 5 years after the initial fixed period.