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Fixed Rate Mortgages

The most popular type of loan we offer at Mortgage Loan Professionals is a fixed-rate mortgage. Fixed rate mortgages give you the security of knowing your interest rate will remain the same for the life of the loan. At Mortgage Loan Professionals, we can refer you to a lender who will usually offer a fixed-rate mortgage for a term between 15-40 years. For the term of your mortgage, you payments and your interest rate will be constant, even if market interest rates rise. You should use Mortgage Loan Professionals for a fixed mortgage if you:

• You intend to remain in your home for at least five to ten years
• You would like consistent monthly payments on your mortgage
• Think interest rates are likely to rise in the coming years

Adjustable Rate Mortgages

Mortgage Loan Professionals also offers adjustable rate mortgages. Adjustable rate mortgages come with a fixed interest rate for a limited initial payment period (usually one to ten years), after which your payments and interest rates with fluctuate with market conditions. Adjustable rate mortgages usually have initially lower payments than fixed rate mortgages, so you might be able to buy a bigger home than you otherwise would have. Adjustable rate mortgages usually come with caps on how much your interest rate can fluctuate within a year and how much it can rise over the life of the loan. These limits will vary by lender. A Mortgage Loan Professionals adjustable rate mortgage is right for you if:

• You think interest rates will decline in the coming years
• You would like lower monthly payments than are possible with a fixed rate mortgage
• You plan to sell your home in less than ten years
• You are comfortable with the prospect of fluctuating monthly payments

Interest Only Mortgages

Some of Mortgage Loan Professionals lenders offer interest only mortgages in addition to the two more common types described above. Interest only mortgages give borrowers more flexibility than the other two options. Mortgage Loan Professionals interest only mortgages allow you to pay just the interest on your mortgage for the first three to ten years of the loan. That means that, during this time, your interest rate and payment will remain the same. You should consider a Mortgage Loan Professionals interest only mortgage if:

• You have a variable income (fluctuates with commissions, bonuses, etc.)
• You expect your home to rapidly appreciate in value
• You could use the cash for other immediate needs

Before you sign anything, make sure to ask your potential lender these questions.