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SHORT TERM FIXED
ENG's Short-Term-Fixed is the perfect ‘in-between' loan option for many homebuyers looking to achieve a lower rate and still maintain the stability of a longer term fixed rate program. The longer that you are fixed the more stability you are buying and therefore the higher the interest rate. You can get yourself a very aggressive fixed rate on a 3- or a 5-Year Fixed, making this a viable and attractive loan option for many buyers. If you are going to be moving in the next 3 to 5 years, a Short Term Fixed could be very effective in accomplishing the objective in the stability of a Fixed Rate but at a very low level. Who cares if the loan converts to an Adjustable, if you are not in it to see that 3-Year Fixed - The 3-year fixed rate loans are amortized over 30 years, so you have a loan that is Fixed for the first 3 years, and it becomes an Adjustable Mortgage for the remaining 27 years of the 30 year cycle. 5-Year Fixed - The 5-year fixed rate loan is fixed for 5 years and becomes an Adjustable for the remaining 25 years. 7-Year Fixed - The 7-year fixed rate loan is fixed for 7 and Adjustable for the remaining 23 years. 10-Year Fixed - The10-Year Fixed is Fixed for the first 10 years, and is an Adjustable for the remaining 20 years.
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