September

Are you planning on moving from an apartment to a house? Unless you have saved a lot of money, you will need a loan to finance the purchase.

Buying a home is possible within two or three times of your yearly household income, but this does not mean you get a loan outright. Creditors consider several factors such as credit and employment history, current debts and savings, and the down payment you plan on making. You also have to at least grasp the basics of adjusted rate mortgages, or ARMs to get the best value for money loan.

Understanding Adjusted Rate Mortgages

Home buyers often have to choose between a fixed or adjustable rate mortgages. Both have their pros and cons, but for those who do not have enough cash flow, an ARM, or an adjusted rate mortgage, is an ideal option.

An ARM has an interest rate that periodically adjusts after a period of 5, 7 or 10 years – or even monthly – depending on the terms of your creditor. The interest you pay on the outstanding balance varies based on a certain benchmark. Other names of this type of loan are variable-rate or floating-rate mortgage. Some banks or creditors provide longer terms or a cap on how high interest goes.

The advantages of getting an ARM include:

Lower initial interest rate

  1. An interest rate cap
  2. Offers flexibility depending on future income or refinancing within the next few years
  3. Before you get a mortgage, it helps that you have an adviser guiding you every step of the way to fulfil your dream of becoming a homeowner.

Altius Mortgage Group Can Help You

We at Altius Mortgage Group pledge to help you buy your home, whether it is the first time or if you plan on refinancing. The company offers some of the lowest rates and extensive communication throughout the process of applying and obtaining a loan.

Altius Mortgage Group can pre-qualify you in less than 10 minutes, help you look for the best rate, or close a loan in as short as 30 days.

Contact us to learn more we can do for you.

September 21, 2015

What are Adjusted Rate Mortgages or ARMs?

Are you planning on moving from an apartment to a house? Unless you have saved a lot of money, you will need a loan to finance the purchase. Buying a home is possible within two or three times of your yearly household income, but this does not mean you get Read More
September 16, 2015

4 Mortgage Terms Every Future Homeowner Should Know

For many first-time homebuyers, the process of navigating through a home loan can seem a lot like learning a foreign language. Before you dive in to that new mortgage, though, it’s important that you understand exactly what your lender and real estate agent are talking about when they use industry Read More
September 14, 2015

Understanding the Full Disclosure Clause & Its Implications

You may have read the “full disclosure” phrase in many of your business documents and transactions, but do you know what it really means? As a buyer, how does the concept of full disclosure affect your purchase? Our experts at Altius Mortgage Group weigh in on the topic in an Read More
September 10, 2015

It’s Not Crazy to Get a Big, Long Mortgage

Anything big and long outside mortgage is good, excellent even. But when it finally involves money, a big, long mortgage is taboo. After all, who would want to pay seemingly endless monthly amortizations? Nevertheless, don’t always throw away the chance to get a big, long mortgage. It might be the Read More
September 9, 2015

When and How to Get Prequalified for a Mortgage

When your search for a new home transitions from casually browsing through available listings on a local real estate agent’s website to actually reviewing and visiting open houses, it’s time to start thinking about getting preapproved for a mortgage. The prequalification process is really very simple, but most homeowners don’t Read More