4 Scenarios for Adjustable-Rate Loans

A 30-year, fixed-rate home loan isn’t right for everyone. Depending on your plans, it might actually cost you more in the long run.

Though they’re less common, adjustable-rate mortgages (ARMs) are a better fit for many homebuyers. They may offer a more affordable monthly payment and cost less in interest throughout the life of the loan.

Are you thinking of buying a home or refinancing your current one? Here are some scenarios in which you might want to consider an adjustable-rate loan:

  1. You only plan to live there in the short term. ARMs are a great option if you only plan to be in the house for a few years. They usually come with lower rates than long-term, fixed-rate loans for the first five, seven or even 10 years.
  2. You expect to make more money down the line. These loans tend to come with low rates upfront. Then, after a few years, your rate can change — which means a possible increase. If you know you’ll have the income to support a higher payment down the road, then an ARM might work for you.
  3. You’re comfortable with refinancing in a few years. Another option would be to refinance to a fixed-rate loan during the initial period of your ARM. It would be similar to going through the home loan application process again, but you could end up with a new low rate for the long haul.
  4. You plan to pay off your loan early. If you’re able to pay off the loan before your rate can rise, you may save overall. Some loans do carry prepayment penalties, but you’ll learn if your loan is one of them early in the process.

ARMs are a bit more complex than fixed-rate mortgages, so make sure to reach out for more personalized guidance.

Get Your House-Hunting Checklist

There’s a lot to consider when you’re searching for a home. You have to ask important questions: Which features are must-haves and which ones are simply desirable? How far are you willing to commute to work, grocery stores and other frequently visited places?

Some of the decisions you have to make during your home search are a little bit more fun, like which architectural styles you prefer and what fixtures and finishes you’d like to have. And it’s important to note these details.

So once you’re preapproved for a mortgage, start your search off on the right foot with a house-hunting checklist. Bring it with you while touring homes, checking things off and taking notes so you can more easily compare each option.

Get the checklist below to make your next home search go smoothly.


Click here to get your checklist.

Should you remodel your home or move?

You love your home. You’ve made it your own and have lots of happy memories there. But maybe it no longer suits you and your family as well as it did before.

Maybe it’s too small or lacks the features you need — or you might simply want something different. Either way, it’s no longer the dream home it once was.

When this happens, you have two options: buy a new place or remodel your current one.

Not sure which is best for your situation? Here are some pros and cons of each:

Planning to make a move?
On the plus side, you get a new home that meets all your needs — and maybe even a better location. And you won’t be stuck in a construction zone for weeks or months on end.

But on the other hand, you’ll probably need to deal with selling your house and buying a new one simultaneously, which can be complicated. You’ll need the money for a down payment, closing costs and the actual move.

Think remodeling is the answer?
Advantages of remodeling include staying put and avoiding the time, cost and stress of moving. You might increase your home’s value as well, which could mean more profits if you decide to sell later.

The downside? Renovations aren’t always quick or easy. You might be surrounded by construction, contractors and materials for months. It also has its limits — you may not be able to achieve everything you want.

Though both routes have their pros and cons, the right choice depends on your budget, the real estate market and your family’s preferences. If you’re not sure, reach out for guidance. We can also discuss your financing options for a remodel or a new home.

4 Ways to Prepare Your Garden for Fall

We’re heading into the fall season, and that means cooler weather is on its way. This is the perfect opportunity to enjoy the great outdoors, tend to your garden and improve your home’s curb appeal — all in one fell swoop.

Are you looking forward to spending some time sprucing up your yard and preparing your garden for autumn? Be sure to add these four tasks to your to-do list before getting started:

  • Start With the Basics: Pull up weeds, dig out your annual or seasonal bulbs, and clear out any leaves, dead plants and debris. You should also spend some time tilling the soil before adding new soil and mulch.
  • Prep for the Elements: You’ll want to invest in garden covers, which help guard against pests and colder temperatures. If you have an automatic sprinkler system, be sure to adjust its schedule since you’ll need less water when it’s not as hot outside.
  • Add Fall-Friendly Plants: If you removed seasonal plants, you could replace them with some that thrive in cooler weather. Chrysanthemums are a good flower for fall, and if you’re looking to plant produce, kale and cabbage are both smart options.
  • Include a Festive Touch: For even more curb appeal, consider adding some gourds, cornstalks or pumpkins. You can also change out your colorful summer flowerpots for orange- and red-hued ones.

Do you need a loan for a landscaping makeover — or to purchase a new home? Get in touch today to learn about your financing options.