Fixed-Rate Mortgages in Arizona and Colorado
Many people who become homeowners do so in order to gain a greater sense of stability. Having a piece of property that you can rely on and call your own means a lot.
If you’re a homeowner looking for that same kind of stability in a home loan, traditional fixed-rate mortgages in Arizona from Castle Rock Mortgage may just be a perfect fit.
What is a Fixed-Rate Mortgage?
A traditional fixed-rate mortgage is the most common of the many different types of home loans in Arizona and Colorado. In a fixed-rate mortgage, your monthly principal and interest payments never change during the life of the loan, making it easy for you to budget ahead of time. In contrast, adjustable-rate mortgage payments may initially cost less, but will often see an increase in interest based on changing market rates over time.
Fixed-rate mortgage loans in Arizona and Colorado are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. Furthermore, fixed-rate mortgages are structured, or "amortized," so that they will be completely paid off by the end of the loan term.
What About the Escrow Account?
Despite the stable nature of fixed-rate mortgages in Arizona and Colorado, your monthly payment amount may still vary due to other factors, such as if you have an "escrow account" a.k.a. impound account.
An escrow account is set up by the lender and is used to collect money each month from the mortgage payments. This is done so that the lender can facilitate paying for your other homeownership costs like property taxes and homeowners’ insurance.
If for any reason either the property tax or the insurance costs happen to change during this time, the borrower's monthly payment will be adjusted accordingly.
Apply for a Fixed-Rate Mortgage in Arizona or Colorado Now
Every day, Castle Rock Mortgage helps people all across Arizona and Colorado become homeowners. The same sense of satisfaction and stability a person gains from owning property is the exact same sense of satisfaction and stability we strive to bring to all our borrowers.
If you’re looking for a fixed-rate mortgage or mortgage refinance in Arizona and Colorado, don’t wait another minute. Contact Castle Rock Mortgage today.