Monday, September 25, 2017
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Phil Joseph
Branch Manager
Sr. Mortgage Loan Originator
Over 20 Years Experience
Sierra Pacific Mortgage
Rancho Bernardo Branch
11770 Bernardo Plaza Court #451
San Diego California 92128

Direct: 619.507.3558
Fax: 858.430.2557
Email: Phil@PhilJoseph.com
Website: www.PhilJoseph.com
NMLS# 249549
Branch NMLS# 279118
Company NMLS# 1788
 
Licensed in California by the Department  of Business
Oversight under the Residential Mortgage Lending Act 417-0015 
Not Licensed in the state of New York.
 
Sierra Pacific Mortgage may not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific has a business relationship.


 
Phil Joseph
Branch Manager
Sr. Mortgage Loan Originator
Over 20 Years Experience
Sierra Pacific Mortgage
Rancho Bernardo Branch
11770 Bernardo Plaza Court #451
San Diego California 92128

Direct: 619.507.3558
Fax: 858.430.2557
Email: Phil@PhilJoseph.com
Website: www.PhilJoseph.com
NMLS# 249549
Branch NMLS# 279118
Company NMLS# 1788
 
Licensed in California by the Department  of Business
Oversight under the Residential Mortgage Lending Act 417-0015 
Not Licensed in the state of New York.
 
Sierra Pacific Mortgage may not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific has a business relationship.


Adjustable Rate Mortgages (ARMs)

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.

However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also.

There are also mortgages that combine aspects of fixed and adjustable rate mortgages - starting at a low fixed rate for seven to ten years, for example, then adjusting to market conditions. Ask your mortgage professional about these and other special kinds of mortgages that fit your specific financial situation.