Refinance Mortgage Options:
1. Adjustable Rate Mortgage
A MMC Adjustable Rate Mortgage begins with a low fixed rate that remains in place for the first three, five, or seven years. The rate then changes depending on the going market rate for the rest of the term of the loan.
The Benefits are as follows:
1. You get an itinially low very low rate
2. the rate stays fixed for the fist three, five or seven years
2. Interest-Only
Adjustable Rate Mortgage
MMC’s Interest-Only Conforming adjustable rates mortgage products allow for much greater purchasing power by requiring that only interest be paid for the first three, five, seven or ten years. This leads to lower monthly payments. Also, there are no prepayment penalties if you choose to pay off more than just the interest. After the fixed rate interest only period has elapsed, you can begin to make payments on principal and interest or refinance.
3. Fixed Rate Mortgage
A mortgage where your interest rate does not change, and your monthly payment does not change. There are two main types of fixed rate mortgages:
- 30 year fixed rate mortgage
- 15 year fixed rate mortgage
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