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Fixed or Adjustable Rate Mortgage ?

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Just a quick post on the current mortgage rates. If you a planning on purchasing or refinancing your home, you must decide whether or not you want a fixed rate mortgage (FRM), or an adjustable rate mortgage (ARM) which tend to have lower rates. Accorging to the Mortgage Bankers Association, as of 1/24/07, the national average for the 30 year FRM was 6.22% only .31% higher than the 1 year ARM at 5.91%, while the 15 year FRM was only .02% higher at 5.93% . The spreads between the 3 or 5 year ARM's and the 30 or 15 year FRM's are even less.

So now the most important thing you need to decide is how long you will be in the home you are planning to purchase or refinance. If you are unsure, or plan on being in it for at least 3 years, your best bet is to go with a FRM since the rate spread is minimal, and you can be guaranteed that your rate will not adjust if you stay in the home longer than you expected, which will save you the expense of a refinance.

Whether you are looking to purchase, refinance due to an ARM coming to maturity, consolidate debt, or have cleaned up your credit and would like a better rate, look to Valesco Mortgage to help. We strive at offering the lowest rates and closing costs available anywhere, with service that will far exceed your expectations.

As of 2/1/07, if you are an FM member and you finance with me, I will cover your appraisal fee of up to $500. If you would like a testimonial from any FM members I have worked with, let me know and I'll get one. If any of you have any questions, I'm just an email or call away. Remember, I am a nationwide lender and no matter where you live, I can help.

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