A fixed-rate loan is a common refinance option for homeowners seeking to part ways with the unpredictability of an adjustable-rate mortgage (ARM).
With a fixed-rate refinance loan, your interest rate stays the same throughout the life of the loan. The loan payment also doesn’t change.
If you plan to stay in your home for a long time, or you just like the comfort of knowing that your rate won’t change, a fixed-rate loan might be the way to refinance.
While there are potential advantages of refinancing a mortgage to a fixed-rate loan, keep in mind that refinancing isn't for everyone, as individual situations differ.
To find the right refinance loan option for your situation, talk to an Evergreen Home Loans loan officer.
An ideal time to refinance to a fixed-rate loan is when interest rates are lower than your current interest rate. Refinancing may not be the best move if you’re considering selling your home.
The interest rate is the cost of borrowing the principal loan amount. It’s determined by current rates and the borrower’s credit profile (including credit score).
When you refinance your home loan, there will be costs that you’re responsible for paying.