Owning a home is still the American Dream. A place to call your own or raise a family. For most people, it's one of the important investments—and largest financial transaction—of their lives. Blue Flame Credit Union has partnered with LenderSelect Mortgage GroupOpens in New Window to offer you a variety of mortgage products and accurate information so you can choose the right loan for your personal financial situation.
With a fixed rate mortgage, the interest rate and your monthly payment of principal and interest stays the same for the lifetime of the loan.
An adjustable rate mortgage (or ARM) usually starts with an initial interest rate lower than traditional fixed rate loans. After an initial payment period, the interest rate is subject to periodic review and can move up or down based on a specified index, resulting in a change in your monthly payment.
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Learn as much as you can about Buying a HouseOpens in New Window