Enclave Condos for Sale

Enclave Condos

24/7 Sales: 623-451-6698
Blog
Watch List
Phoenix Condo Directory
         
Login   Connect


623-451-6698

Main Content

Mortgage Alternatives


WHAT TYPES OF LOANS ARE AVAILABLE AND WHAT ARE THE ADVANTAGES OF EACH


Fixed Rate Mortgages: Payments remain the same for the the life of the loan



Types



15-year

30-year



Advantages



Predictable

Housing cost remains unaffected by interest rate changes and inflation.



Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits



Types




Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically)


Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan
ARMS linked to a specific index or margin



Advantages



Generally offer lower initial interest rates

Monthly payments can be lower

May allow borrower to qualify for a larger loan amount


WHEN DO ARMS MAKE SENSE


An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS



30-Year:



In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions.
As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.



15-year:



Loan is usually made at a lower interest rate.

Equity is built faster because early payments pay more principal.



Selling your home? We’re here to help you price it right – get a comparative market analysis today.
Contact Information Required fields are marked *
Optional Details


Contact

Stephanie Moser
Send Me A Message
Contact Photo

© 2019 ®. All rights reserved. - Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers. This website is not affiliated with any various condominium associations, their management, or the developer of any particular building/complex. By using this site you agree explicitly to understand the aforementioned as well as the terms of use and privacy policies. The information contained on this website is for general information purposes only.

Arizona Association of REALTORS assumes no responsibility for errors or omissions in the contents on the Service. In no event shall Arizona Association of REALTORS be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. Arizona Association of REALTORS reserves the right to make additions, deletions, or modification to the contents on the Service at any time without prior notice.   Copyright © 2020 enclave-condos.com All Rights Reserved. Real Estate Website Design by MJA Marketing