Long Beach Island Real Estate Fixed and Adjustable Rate Mortgages
Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island 
Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island 
Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island
Long Beach Island Real Estate
Many buyers in the LBI real estate market are looking to purchase a home with a mortgage. While the traditional 30 year fixed rate mortgage is usually the go-to, many buyers also consider fixed-rate loans as a viable option. Today we will look at the Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island, which can be summarized as follows. Note that you should always speak with a lender to verify everything as rates, terms, etc. can vary from lender to lender and from customer to customer:
- A fixed rate mortgage will give you stability as your monthly payments on the LBI home are fixed for the life of the loan
- An adjustable rate mortgage may have a lower interest rate
- A fixed rate mortgage with a lower term (say 15 years instead of 30) will also have a lower interest rate but a higher monthly payment
- Depending on how long you plan to stay in a house on Long Beach Island one mortgage option may have significant advantages or disadvantages over the other.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island
Many buyers in the LBI real estate market opt for a fixed-rate mortgage in the LBI real estate market. I think some of this is familiarity as it is the most common mortgage referenced. Interestingly, for many, a fixed-rate mortgage may make more sense depending on how long one plans to stay in a house. Many owners on Long Beach Island will trade up or trade down after years, so an adjustable-rate mortgage with a set period of 5 or 7 years may make more sense. This can result in a lower monthly payment with less interest accruing overtime. It is always best to discuss all options with a lender to see what makes the most sense. Everyone is different, and what works in one LBI real estate transaction may not work in the next. That said, all Long Beach Island real estate homebuyers should be aware of the options available to them.
Mortgages in the Long Beach Island Real Estate Market
If you are looking to buy a home in the LBI real estate market, I am happy to introduce you to the lenders I work most often with. They can give you free advice on the different types of loan options available and the details of the Pros and Cons of Fixed and Adjustable Rate Loans on Long Beach Island. If you have any questions about buying, selling, or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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