In addition to Refinancing your Adjustable Rate to a Fixed-Rate Mortgage:

Freedom First Mortgage offers the latest and most competitive programs individually designed for your financial situation and credit and employment qualifications.  Some of our programs include:
 

Fixed Rate

Fixed is the preferred method over Adjustable Rate methods

• Payments remain constant over entire term of loan

• Fluctuation in market does not affect rate or payment

• Easy to plan monthly budget because of predictable payment schedule

• If market rate drops, cannot obtain lower payment unless you refinance

• Rates and payment are usually higher than those offered with variable rate loans

• You are locked into a specified term

• Monthly payment usually lower than with fixed rate

• Payment usually go down if market rates go down

• Can buy more home with lower payment

• Market fluctuations create more risk

• Payment could fluctuate over the term

• Harder to budget

Balloon Term

• Monthly payment may be initially lower than
  with fixed rate

• High payment if rates rise to the highest level within the loan program

• End of term requires payoff in lump sum or refinance to another program

FHA (Federal Housing Authority) Refinance
or Purchase Programs

• More relaxed qualification requirements
• lower down payment
• Refinance program designed to be simple

• Risk is backed by the US Government;
  requires separate fee of up to 1.50% of the
  loan amount.

VA (United States Veterans Administration) Refinance or Purchase Programs

• A 100% loan offered to military veterans, reservists
  and certain others

• high loan amounts offered

• Risk backed by the US Government;
  requires separate fee of up to 2.00% of the
  loan amount.

Conventional  Refinance or Purchase Programs (prime rate)

• Best market rates

• May be able to borrow up to 100% of home value

• Rigid income, credit and asset requirements

Conventional Refinance or Purchase Programs (sub-prime rate)

• Great for those with marginal or bad credit

• May be able to borrow up to 100% of home value

• Higher rates

• May include prepayment penalties when
  paying off

No Income, Stated income or Limited Income purchase or refinance programs

• Do not require verification of employment, income and/or assets

• Higher rates

• Limited loan amounts (under 100%)

100% Purchase / Refinance Program

• No-down payment required

• 50% debt to income ratio allowed

• Higher rates

• geographic limitations

First-Time Purchase Program

• Same as 100% Purchase program, but also
  provides closing cost assistance

• Higher rates, geographic limits