Fortune Financial Corp. Mortgage Services
Traditional ARMs (Adjustable Rate Mortgages)
Adjustable Rate Mortgages combine the features of a fixed-rate loan with
the value of an adjustable rate mortgage. ARMs are a good options for
those buyers who need affordable financing and plan to stay in the home for
5 years or less. Terms are 15 and 30 years with 1, 3, 5 ,7 or 10 year
fixed rate periods.
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Fixed-Rate Mortgages
Fixed Rate Mortgages offer less of a risk to homebuyers who plan on living
in the home for 7 years or more. Loan payments and interest rates
stay the same from month to month over a 15 or 30-year term. The interest
rate and monthly payment are set when the rate is locked on the loan. You
pay a little more for the security of knowing that the rate you pay on the
first payment will be the same as the last.
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Home Equity Loans
A Home Equity Loan (HEL) is a fixed rate loan secured by the equity in your
home. It is distributed up-front in one lump sum. Both your payment and
your interest remain fixed for the entire term of the loan. It can be used
to cover a planned expense or to consolidate outstanding debts that carry
higher interest rates. The interest paid on a Home Equity Loan is up to
100% tax deductible.
Home Equity Lines
of Credit
A Home Equity Line of Credit (HELOC) is a line of credit made available
to you (similar to a credit card) and secured by the equity in your home.
Instead of being paid in a lump sum, you are given a credit limit and
may borrow from that amount on an as-needed basis. Your monthly payments
and interest charges will be calculated based on the amount of credit
that is currently outstanding.
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