Mortgage Rates

Mortgage Alliance - Shoreline Mortgages, Inc.’s years of expertise and far-reaching network of reputable lenders, help find homebuyers mortgages with suitable rates.

Let us help you secure a mortgage with a low rate that suits you in the present and future. Contact (709) 699-5727 for more information on mortgage rates.

Mortgage Rates Today: What to Know

A mortgage rate refers to the amount of interest charged on your mortgage. Rates are based on a variety of factors, ranging from market fluctuations to your individual credit profile.

Mortgage rates come in three forms, the adjustable-rate, fixed-rate, and variable-rate mortgage. For your benefit, here is some helpful information on each. Should you have any further questions, feel free to contact our brokers at your convenience.

Adjustable-Rate Mortgage

An adjustable-rate mortgage (also known as an ARM) is a popular mortgage type. In cases of an ARM, the interest rate applied on the principal loan varies throughout the total amortization period (the length of time it takes to pay off the loan). These shifts in interest rates will depend on market fluctuations throughout the repayment period.

For those who wish to pay off their mortgage over a short period of time, this can be the cost-effective option.

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Fixed-Rate Mortgage

Fixed-rate mortgages are perhaps the most well-known mortgage type. With a fixed-rate mortgage, the interest rate remains the same throughout the entirety of the amortization period. You will always know what your monthly payment will be, and how much is going toward the principal amount.

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Variable-Rate Mortgage

Variable-rate mortgages are similar to the adjustable-rate option in that interest rates increase or decrease according to market fluctuations. The difference is that your regular payment amount will not fluctuate with these changes.

Variable-rate mortgages are stable, which is a great benefit. As interest rates decrease, you have the option to put more money towards the principal amount.

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Which Mortgage Rate Is Right for You?

Finding the lowest mortgage rate that suits you best requires an in-depth analysis of your financial situation and market trends. Get started on securing your mortgage by contacting our brokers at (709) 699-5727.