Current Montana Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is an Interest Rate Lock?A lock is an obligation by us that your loan application will be locked in for a certain period of time to the interest rate and corresponding points at the time you choose to lock in your loan. A lock does not represent in any way an approval of your loan application.
What is the 30 Year, 5/1 ARM?
zionmortgages.com has attracted much attention by providing exclusive loan programs that provide the security of a fixed rate with the lower rate benefits of an ARM. This loan offers a low fixed rate that can only adjust after 5 years, at which point it will adjust yearly for the remaining 30 year term, according to the weekly average yield of the one-year LIBOR. Interest rate adjustments have a 2.25% margin, with an annual 2% adjustment cap, and 10% lifetime adjustment cap from the start rate. A lower rate means a lower payment, which allows you to qualify for a larger home.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
