Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
These increasingly popular ARMS can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
Mass Housing Mortgage
Put simply, the Mass Housing Mortgage offers competitive interest rates with low down- payment options. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers as well as those looking to move up or refinance. With its flexible underwriting and fixed rate financing, it’s the perfect mortgage loan for low- and moderate-income households. Also, Mass Housing offers MI PlusTM Mortgage Insurance, which helps pay the mortgage for up to 6 months in case of job loss.
South Shore Bank is licensed to do business in Massachusetts. Our NMLS # is 407656.