Burbank City Mortgage Services  
 
 
 
 

Mortgages: Fixed-Rate vs. Adjustable-Rate

If you've started perusing home listings, now's the time to start thinking about which type of home loan is right for you: a fixed-rate or an adjustable-rate mortgage (ARM). Fit Mortgage can help with that decision.

Fixed Rate Mortgage

A fixed-rate mortgage carries the same interest rate and monthly payment over the life of the loan. This stability can bring peace of mind to many home buyers.

Adjustable Rate Mortgage (ARM)

ARMs are designed so their interest rates can go up or down over the life of the loan. Generally, with an ARM, you'll get a lower initial interest rate, but it can rise or fall at specified intervals.

Learning the lingo

An ARM's interest rate is tied to a public financial index, such as a U.S. Treasury note. These loans come with two caps: one to limit how much the rate can climb at each adjustment, another to limit the increase over the life of the mortgage. ARMs are listed as 1/1, 3/1, 5/1, and so forth. The first number shows how many years the initial fixed rate will last. The second number indicates how often the interest rate will be adjusted after that. The "1" in the examples indicates an annual adjustment. The home loan specialists at Fit Mortgage can show monthly mortgage comparisons to help you decide which type of loan is best for you.

Stop by or call us today at (818) 524-1680. No matter what type of mortgage you choose, Fit Mortgage offers service you can't resist.



Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.


GET STARTED
Apply OnlineApply Now
Give us a callToll-Free (855) 888-2267
Stop in and see usStop by and see us
TODAY'S RATES
Loan Type Rate APR*
30-Year 4.750% 4.837%
20-Year 4.625% 4.741%
15-Year 4.250% 4.392%
Need a Home Equity Loan?
Contact our Partner
 
Burbank City Federal Credit Union
Call (800) 622-3328
Click www.BurbankCity.org
NMLS# 407810
 
 

If you are using a screen reader and are having problems using this website, please call (818) 524-1680 during regular business hours for assistance. Regular business hours are Monday - Thursday 9:00am - 5:00 pm and Friday 8:00am - 6:00pm.

Please read our Privacy Policy and End-User Agreement. © 2017 Fit Mortgage doing business as Burbank City Mortgage Services, is a subsidiary of Burbank City Federal Credit Union. California Financial Lenders License #603K340. Fit Mortgage NMLS# 737320