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"When we decided to refinance both our home and rental property, Susan made it happen quickly and easily. She handled both transactions in a professional ,yet friendly manner .We were also able to come out with lower payments that enabled us to do other things that we had been wanting to do. I have recommended Equinest and Susan to several people and will continue to do s
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Traditional mortgage products are the backbone of home finance. There are dozens of options within the mortgage product family. At EquiNest, it is our mission to provide the most cost effective solution and the right product with the least up front cost.
Fixed Rate Mortgages
Fixed rate mortgages offer a fixed payment & interest rate for the life of the loan. These are most popular with homeowners and allow them to pay off their loan by the end of the mortgage term, realizing the dream of owning a home free and clear. They are best when you want a longer term (typical at the home buying time) and are willing to pay some closing costs in exchange for a generally lower interest rate.
Most homebuyers choose a 30 year or 15 year term. Many homeowners in their 7-8th year of home ownership opt to re-finance their mortgage with a 15 year fixed rate mortgage.
Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages are variable rate mortgages, where interest rates and payments can vary over the life of the loan. There are 90 day, 1 year, 3 year, 5 year, 7 year and 10 year ARMs. ARMs could be include balloon payments or have a 30 years variable rate amortization schedule. They are generally tied to an index (either Treasury bills or LIBOR).
There is a risk of payments going up during the term of the loan. These products allow homeowners to get a lower rate and payments up front in exchange for variable rates after the initial term expires. There is a great variety of ARM products to meet all homeowner's needs.
Many homeowners opt for ARMS to get lower payments and flexibility in their initial home ownership years. If you are planning to sell your home in 10 years or less, this can be a great product with lower interest rates and lower payments.
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