Fixed & Adjustable Mortgage Rates from VCNB

Fixed & Adjustable Rates

Fixed Rate Mortgages

With a fixed-rate mortgage, your interest rate will not change throughout the life of the loan. Therefore, the principle and interest part of your monthly payment will not change. If you think you might be in your home for a long time, you might appreciate that extra bit of stability in your loan rate.

Adjustable Rate Mortgages

With an adjustable-rate mortgage (ARM), you’ll leverage a lower initial interest rate to make lower monthly payments. During an adjustable phase, the monthly principal and interest payments change based on a schedule and an external financial index.

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Here’s what to have ready.

Tax returns for the past two years
W2s from all employers for the past two years
Names and addresses of each employer for the past two years
Pay stubs for most recent full month
Residence addresses for the past two years
Most recent bank statements

All loans are subject to application and credit approval.

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What is a fixed-rate mortgage?

A fixed-rate mortgage from VCNB offers a stable interest rate that remains constant throughout the life of the loan. This ensures your monthly principal and interest payments will not change, making it easier to budget.

What is an adjustable-rate mortgage (ARM)?

An adjustable-rate mortgage (ARM) from VCNB has an interest rate that starts lower than a fixed-rate mortgage but may change periodically after an initial fixed period. The rate adjusts based on market conditions and predetermined caps.

How do I decide between a fixed-rate and an ARM?

Consider your financial goals and how long you plan to stay in the home. A fixed-rate mortgage may be better for long-term stability, while an ARM might be a good choice if you plan to sell or refinance before the rate adjusts.

What are the benefits of a fixed-rate mortgage?

Predictable monthly payments
Protection against rising interest rates
Easier long-term financial planning

How does the initial interest rate on an ARM work?

ARMs typically start with a lower initial interest rate compared to fixed-rate mortgages. This rate is fixed for a specific period (e.g., 5, 7, or 10 years), after which it may adjust annually based on market indexes.