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Mortgage Rate

Affordable Home Payment offers wide varieties of home mortgage refinance loan programs at extremely low rate of interest. Let’s take a quick look at the following options that we are offering you:

Fixed Rate Mortgage

This mortgage refinance program will let you pay fixed monthly payments to your lender. The principal home mortgage refinance loan amount remains constant throughout the term. Fixed-rate mortgage refinance loans are usually available for 10, 15, 20 and 30 years. It has two distinct features.

The first one is fixed rate of interest, which means that the rate of interest will remain constant throughout its term. Another unique feature of Fixed Rate Mortgage is Steady Repayment, which means that your payment to respective mortgage refinance lender stays same throughout the loan tenure. It is also structured to repay the loan at the end of the loan term.

Adjustable Rate Mortgage (ARM)

Home mortgage refinance loan with adjustable rate of interest is the one to go for if you are planning to buy an expensive home. Here the interest rates normally begin with 2-3 per cent below a comparable fixed rate mortgage.

Standard ARM Programs

Standard ARM or Adjustable Rate Mortgage with various indexes is available for home mortgage refinance. To choose the best ARM with an index will let you take complete benefit of falling interest rates. This means that indexes lagging behind the market will let you avail low interest rates. In this case the monthly payment and rate of interest are likely to change depending on adjustments to the index rate.

Introductory Rate ARM’s

Many ARMs or adjustable interest rate loans have low start rate and in certain cases it can be as much as 5 per cent below the current market rate. This kind of start rate is generally good from 1 month to as long as ten years. As a rule the lower the start rates the shorter the time before the loan makes its first adjustment.

Buy Down Options

2 – 1 buydown option is widely considered buydown option in the market. Previously, a buyer has to pay 3 points above current market points to secure a 2 – 1 buydown option, i.e. to avail below market interest rate during the first two years of a loan. At the end of the two years, the old market rate is passed on the mortgage refinance loans for the rest of its tenure.

GPM (Graduated Payment Mortgage)

This is yet another alternative to the conventional adjustable home mortgage refinance rate. This one is now making a comeback since professional mortgage refinance lender firms and borrowers are now looking for alternative solutions in order to qualify for home mortgage refinance. By using Graduated Payment Mortgage, mortgage refinance borrowers can avail fixed payments for one year at a time.

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