ARM to Fixed

Switching from ARM to Fixed Rate Mortgage

When interest rates are low, many homeowners reap the benefits of the adjustable-rate mortgage. However, the situation may change because there is a potential for interest rates to grow, and your monthly mortgage payment to increase. In this situation, refinancing ARM to a fixed mortgage rate can be a smart option.

If you consider refinancing to a fixed mortgage rate, our professional mortgage team will assist and guide you with changing to a fixed-rate mortgage in Los Angeles and other places in California.

What Is a Fixed Mortgage Rate?

As the name implies, with the fixed mortgage rate you pay the same interest year after year for an agreed length of time. Typically, the duration of the mortgage is 30 years. This is the most uncomplicated mortgage available today, which attracts borrowers because they do not have to worry about the increase in mortgage rates.

Even if mortgage rates rise overall, nothing will change for you. And if the rates go down, it is always possible to refinance to a lower interest rate. If you want to have peace of mind and not worry about the unexpected interest rate increase, then a bit higher mortgage rate comparing to adjustable-rate options is something that is worth considering.