LouAnn’s Likes-Home Mortgage


Just want to share my experience in home ownership.

I built a home, so I needed a construction loan that would then turn into a home mortgage loan.

We took the loan out for 30 years.  We did an adjustable rate.

Couple of things on an adjustable rate.  One, the interest rate is lower than a fix rate.  There are usually 1-3-5 year arm, here is more information on how they work:  Adjustable Rate Mortgage

The adjustable rate worked really well for us.  Most people don't even consider it, and I believe they should.  We had a 2% cap on the loan, so that even if the index went higher than the 2% our interest rate could only be raised by the 2%.

I can not stress this enough-Do the math and see what will fit your needs the most.  Ask questions!!! Don't let them intimidate you.