Non Comforming Loan Comparison:  Adjustable Rate Mortgage Versus Fixed Rate Mortgage

Non Comforming Loan Comparison: Adjustable Rate Mortgage Versus Fixed Rate Mortgage

Published on: 07/08/2024

Are all mortgage loans the same? Or can making a choice between one particular type of mortgage get you in trouble if you aren’t careful. In the case of an adjustable rate mortgage versus a fixed rate mortgage it is true that all mortgages are not alike. Of course in many cases the type of refinance loan you can secure has to do with how good or bad your credit has been over the years.

Non Conforming Loan Comparison:  Adjustable Rate Mortgage Versus Fixed Rate Mortgage

Non Conforming Loan Comparison: Adjustable Rate Mortgage Versus Fixed Rate Mortgage

Published on: 16/07/2024

Not all mortgage loans are the same, and choosing the wrong type can lead to issues if you're not careful. For example, adjustable-rate mortgages (ARMs) and fixed-rate mortgages have different features and risks. The type of mortgage you can secure often depends on your credit history, with your credit quality influencing the available options.

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Notice To Texas Loan Applicants: Consumers wishing to file a complaint against a mortgage banker, or a licensed mortgage banker residential mortgage loan originator, should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov.

A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov