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How much would I save by using an adjustable rate? Is it worth it?
A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease depending on market changes. Use this calculator to compare a fixed rate mortgage to two types of ARMs- a Fully Amortizing ARM and an Interest Only ARM.
Loan Choices
Fixed Adjustable Rate Mortgage (ARM)
If you are looking to for a lower rate and payment, an adjustable rate loan could just be the answer you need. Talk to a Stearns Lending loan specialist to find out if an ARM meets your needs. More »
Fixed Rate Mortgage
In uncertain times, many people appreciate the certainty of a fixed rate mortgage. Click here to learn how you can benefit from the peace of mind a fixed rate offers. More »
Interest-Only Mortgage
With home prices at an all time high, an interest only payment can go a long way towards making homeownership affordable. Most Stearns loan programs include a feature for an interest only option. Call today and see how you can afford to own. More »
