Interest rates increased this year, but there are loan options available where you may be able to get a lower rate. For instance, look for Adjustable Rate Mortgages to start pricing lower than fixed rates. The adjustable rates are typically fixed for 5, 7, or 10 years. The adjustable rate mortgage is amortized over 30 years, and adjusts to an index plus a margin after the fixed rate period expires. There are caps on how high the rates can adjust. So, if you have a 5-yr adjustable rate mortgage, the rate is fixed for the first 5 years, and then adjusts beginning in year 6. The adjusted rate could be lower than the 5-yr fixed rate. We have seen this quite a bit over the last 10 years where borrowers were obtaining adjustable rate mortgages which would adjust lower than the current market rate during the adjustment period.
Counsel Mortgage Group, LLC is a mortgage broker. We shop wholesale lenders for wholesale rates and costs to pass the savings onto you. We have been in business for 15 years, and have helped over a thousand families. We broker both residential and commercial loans. Counsel Mortgage is founded by an experienced attorney and CPA, which gives us an edge over the competition. We like to say that we work for you, not the lender.
Contact us for competent mortgage advice. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the lender.
Counsel Mortgage Group®, LLC
Licensed in Arizona, California, Hawaii and Illinois
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873
HI-178927
IL MB.6761723
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