Conventional Mortgages

Maybe you’re looking to settle into a community or start a family. Or maybe you have a job that requires periodic relocation or lifelong passions that might lead you elsewhere. Whatever your long- or short-term goals are, CrossCountry Mortgage, Inc. offers conventional mortgages to help you meet them.

Conventional Mortgages

Fixed Rate Mortgages

With a fixed rate mortgage, your interest rate and payments will be consistent throughout the duration of your loan. You can rest assured knowing your interest rate won’t increase alongside market rates. You may also benefit from refinancing later if market rates decrease. Fixed rate mortgages are available in a variety of term lengths ranging from 10 years to 30 years.

Adjustable Rate Mortgages (ARM)

An ARM can save you money on your loan, especially if you’ll be living in the home for only a few years. ARMs are available in a variety of configurations and term lengths, with the most common being 3/1, 5/1, 7/1 and 10/1. In these figures, the first number represents the number of years your interest rate will remain fixed. The second number represents how often your interest rate will change after the fixed rate period expires (in this case, every year). This is called the adjustment period. Rates may increase or decrease during adjustment periods and make your monthly payments higher or lower respectively. However, you can set caps on your ARM to protect against rate increases.

Eligibility

You must have sufficient income and credit history to qualify for a conventional mortgage.

Pros and Cons

Fixed Rate Mortgage

Adjustable Rate Mortgage

How long you plan to live in the home is important. For example, if you’re planning to live in your home for seven years, an adjustable rate mortgage may be more favorable. But if you’re planning to live in the home long-term, a fixed rate mortgage may be a better option.

Contact us today to get pre-qualified. A licensed loan officer will help you to understand if an ARM would be beneficial for your situation and needs and will walk you through the financing process from start to finish.


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