“Fixing” Your Mortgage

1 Minute Read

Mortgage rates don’t get much lower than this.

Megabank Wells Fargo is currently advertising a home loan rate of 2.375%. The only “catch” is that the loan is an adjustable-rate jumbo mortgage. Adjustable-rate mortgages, or ARMs, are famous for resetting to a higher rate after a specified amount of time. For Wells Fargo, the rate goes up after the first five years and then changes yearly after that.


Local experts you can trust.

Find an ELP

The best way to keep your mortgage under control is to get a fixed rate on a 15-year loan where the payments are no more than a fourth of your take-home pay. Have at least 10% down, but if you can wait to put down 20%, that’d be even better. When you put down 20%, you avoid private mortgage insurance (PMI). Do these things and you won’t keep the mortgage for too long or pay too much.

It’s no secret that mortgage rates have been low for the last few years. So when you have an adjustable rate, where do you think it will adjust? In a word, up.

In three words, up, up, up!

More from the Blog

Pay Cash For Christmas? You Can!

Start Today!

Reach Your Money Goals

See More
Everydollar website

Reach Your Money Goals

Start with a budget. Join the millions already budgeting with EveryDollar!

Create My (FREE) Budget Back to Article Learn More

Thank You!

A confirmation email is on its way to !

Next: Reach Your Money Goals