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Be sure to shop around to make sure you are getting the best rate.  You
may also want to compare the services available for each company.
For Starters, consider the following:

Countrywide Home Loans
Wells Fargo
Lending Tree
Chase Mortgage
Quicken Loans
US Bank

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Mortgages - Fixed versus Adjustable

Here's What You Should Know


If you're considering purchasing a home, one of the big decisions you'll have to make is whether to
seek a fixed term loan or an adjustable term loan.  Both loans have advantages and disadvantages.  
For starters, a fixed term loan gives you the benefit and security of knowing  your rate is fixed and will
not change for the life of the loan. If you're comfortable with the fixed interest rate and the payment
associated with your loan, this may be a good scenario.  In the case of an adjustable loan, your rate
could be fixed for a shorter period of time but at some point it may adjust to a higher or lower rate.  
Adjustable rate mortgages are usually tied to an index and will adjust based on that index plus a
margin associated with your loan. Adjustable loans usually offer lower initial rates and that can be
enticing because of the lower monthly payments.  Two key questions you must ask yourself when
making a decision to opt for the lower rate and lower payment of an adjustable loan are:

1) How long will you own the property?  This could be a difficult question to answer.
2) What is your tolerance for a rate change and potential increase in monthly payment?

Naturally, before you commit to either of these loans make sure you are familiar with and understand
all terms of you loan agreement.  Consult with a professional if you have any concerns or questions
as some terms can be complicated.  

A good resource for general housing and mortgage questions is:

Hud.gov

For specific questions on Adjustable rate mortgages (ARM) go to:

Adjustable Rate Mortgages.  
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