What are Fixed and Adjustable Rates?

Fixed-Rate Loans

When a loan is fixed, the interest rate remains at the same for the entire term of the loan. Low
interest rates, like the rates currently available in today’s mortgage market, are a great reason to get a fixed-rate loan because you don’t have to worry about the interest rate increasing at some point in the future.

Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage (also known as an ARM loan) is one type of mortgage available to homebuyers. ARMs offer the loan borrower an interest rate that periodically changes. ARMs are an attractive option because of their lower introductory rates. It is important to know how much your monthly payment may rise should interest rates increase; but if the interest rates fall, your mortgage rate may drop also.

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Items we need from you

  • ID’s – Need 2 forms of ID from the list below for each borrower
    • Driver’s License –a good copy so we can read the numbers
    • Social Security Card(s)
    • Visa’s
    • Immigration/Green Card
    • Other forms of Identification may be used, contact our office for more information
  • All Credit Card Statements – Last 2 months, ALL Pages even if they are blank
  • Bank Statements – All accounts – Last 2 months, ALL Pages even if they are blank
  • Retirement Accounts/Statements – Last 2 months, ALL Pages even if they are blank
  • Divorce Decree – if needed
  • Divorce Settlement – if needed
  • VA Eligibility (VA loans only)
  • Deed/Mortgage
    • Mortgage Statements – Last 2 months, ALL Pages even if they are blank
    • Closing Statements
    • Leases
    • Home Owners Insurance
    • Property Taxes
    • HOA Statement and payment history showing dues are paid up to date
  • Paystubs – Last 2 months (if you are paid bi-weekly, we will need all 4)
  • W-2’s – Last 2 years
  • 1099’s – Last 2 years
  • Tax Returns – Last 2 years, ALL Pages, even if they are blank
  • Sales Contract/Purchase Agreement
  • Other additional disclosures may be required depending on personal financial circumstances