Greetings from the Vermont Mortgage Company! We hope you’re ready to spring into a new week feeling refreshed. With the busy season right around the corner, it is time to start thinking about your options if you are looking to buy a house soon. If you’re not sure where to start, it is best to talk to a seasoned loan officer about your options. Naturally, the best first step is to call one of our mortgage experts and get pre-qualified at no cost or commitment! After that, you’ll have options on what kind of mortgage you can apply for. Here’s a brief rundown on what you could choose from:

Fixed Rate vs. Adjustable Rate

When you begin to look at loans, you will see a lot of talk of fixed and adjustable rates. We have touched upon rates a lot in our blogs, as well as their fluctuations. When you get a mortgage, the current mortgage rates will determine what you are locked into.

A fixed rate loan means that the rate will stay the same for the entire life of the mortgage. This will not change, so your monthly payments will be the same every month, every year.

An adjustable rate means the rate may change from time to time. You may see loans with numbers like 5/1. This means the rate will be the same for the first 5 years, and will then adjust every year after.

Naturally, each  of these options will have certain pros and cons. With the fixed rate you will be paying a slightly higher interest rate. However, this will never change, so you can be certain of the costs and have stability. The Adjustable Rate Mortgage (ARM) has a slightly lower interest rate, but this can fluctuate after a certain period of time.

If you are thinking of buying a mortgage, please feel free to contact us! We will be able to answer your questions and guide you through the process. We will find what is best for you to ensure your home buying experience is the best it can be. Check in later on this week for more info on the kinds of mortgages are available to you on our website at, or give us a call at 802-863-2020 to begin the process early!


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