Online Banking Login
If you're buying a home in West Virginia, you may want to apply for a mortgage now. But which mortgage type should you choose? Learn more about the differences between a variable and fixed-rate mortgage.
Are you planning to buy your first or next home in West Virginia or considering the purchase of your second home in the mountains, or at the lake or the beach? You may have heard that real estate is “hot” right now and interest rates are “historically low.” But what does that mean for you? In this article, we’ll cover the two main types of mortgage loans: variable vs. fixed rate mortgages. Keep reading to learn the definitions of each, pros and cons, and the best scenarios for each option.
Also known as an adjustable-rate mortgage (ARM), this type of home loan does not have a fixed interest rate. However, there is usually an introductory period of several years in which the rate is fixed, and your monthly mortgage payment remains the same. After that, the interest rate adjusts according to the index rate it is tied to. Your loan terms will specify how often the rate is adjusted, such as every three years, and any limits on how high it can go. There is also a possibility of your rate adjusting down—it can follow the index in either direction.
Have questions about variable-rate mortgages? Talk with a trusted mortgage lender to help you understand the terms and conditions of this type of mortgage and whether it’s right for you.
Also known as a conventional mortgage, a fixed-rate home loan maintains the same interest rate through the life of the loan. This means that your monthly mortgage payment will stay the same as well.
Have questions about fixed-rate mortgages? Talk with a trusted mortgage lender to understand this type of mortgage and whether it’s right for you.
Now that you understand what a variable-rate mortgage is, you may be wondering if it’s the best option for you. Check out our list of the top reasons to choose a variable rate mortgage instead of a fixed rate mortgage:
Still unsure if a variable or fixed rate mortgage is right for you? Check out our list of the top reasons to get a fixed-rate mortgage:
Sill trying to decide whether a variable for fixed rate mortgage is right for you Our friendly and experienced mortgage lenders are here to help? At First Exchange Bank, we keep the process as simple as possible and provide personalized service from beginning to end. Our mortgage loan officers live and work in the same communities as you do, and we use our local expertise to help you find the best home loan to meet your needs. We make quick and local decisions and keep our loans in house, and we can offer up to 89.99% financing without requiring PMI plus we have lower closing costs than most banks!
Contact us, reach out to one of our knowledgeable mortgage loan officers, or apply online today! You can also visit us at any of our convenient locations in Morgantown, Mannington, White Hall, Hundred, Fairmont, or Fairview.
9 Holiday Budgeting Tips To Avoid Overspending This Year Posted on 11/20/2023
Mobile Banking Safety Posted on 10/4/2023
How Much Should Be In An Emergency Fund? Posted on 09/11/2023
7 Ways Your Credit Score Affects Your Financial Health Posted on 07/26/2023
Is A Home Equity Line Of Credit A Good Loan Option For Me? Posted on 07/06/2023
Buying vs. Building A House in Morgantown, WV Posted on 06/09/2023
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving First Exchange Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of First Exchange Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. First Exchange Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.
Please enter your zipcode below to see if you are in our marketing area.
Your zipcode is outside of our market area.