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fisherdog19

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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  • Your Responses - Share & Have Fun :)

    • Posting.  Cuz I can’t sleep worth a dump.  Gonna be a MEA yahoo for most the rest of the week.  I’ve heard good reports from the friends that are already out there. They took the whole week so I’m driving myself out Tuesday night.     Just getting the the back of the truck filled with dekes got me too revved up.  Gonna be hard packing anything else besides waders, layout blind, guns and shells!  Who needs food and more than one change of clothes for 5 days anyway?!
    • I was ALMOST headed to Ely as well but opted to stick to “productive” pursuits at home, figuring I probably missed the October window this year.  That only lasted a day though before I headed west.   It looked really cool though.  Quiet too I bet.
    • I have a couple LX5s and have been very happy with them.  I had to get a second one for the wheelhouse since after I set it up for the wife, I usually go out hole hopping my original one.  Then come back with fish only cuz I was using the “cheat mobile”.    With the second one I was able to let her stare at it long enough to figure it out cuz apparently my teaching skills are sub par.  She normally wanted to have the camera down all the time but come dark, it’s kinda hard to see anything.     Who knew a wheelhouse and flasher would change her from a winter hibernator to an ice fishing addict.  She wants to go EVERY weekend now.     Anyone wanna buy a wheelhouse? 😉😂   Just kidding.... but I wish she’d wanna try for lakers every once in a while.
    • Was up in Ely over the weekend, darn windy and chilly Sat night.  You make it look so warm and fuzzy with the camp setup and fire. 😊
    • I have no doubt that by now there is something on the market that is better than my FL-20 and my FL-8 but I already own them and they work for me and I am long over the days where I have to have the latest and greatest fishing equipment.    Most of these gadgets, gizmos and lures are better at catching fishermen than fish.
    • My bird places nice with vexilars and doesn't get it too bad when there is a marcum in the next hole.   Keep my FL18 as a backup/loaner, it's been bulletproof.  But I haven't looked backed since I got an ice55 bird.    
    • lol. my brother hates them also cuz they thow a robin chick out of the nest sometimes. Only a couple here, if i had too my they would meet my 17 pellet. Red squirrels get a pass. not enough here. Grays are a different story. 
    • put a new floor in over the past month and finished it off by winterized it on Saturday.
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