Serving Santa Clara and Alameda County
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Prima Loan Service – San Jose – CA

Home Loans

Finding the mortgage loan that fits your financial situation is a important step in buying a home. Prima Loan Service can help you find the home loan that’s right for you and your budget.

Our Home Loan Services Will Help You

  • Find a competitive interest rate for your mortgage
  • Choose the type of loan that meets your needs
  • Get pre-qualified for a home loan
  • Move quickly through the loan approval process

Fixed Rate Mortgages

Fixed rate mortagages are the most common type of home loan and are commonly offered as 15 year fixed rate loans and 30 year fixed rate loans. There are many advantages to a fixed rate mortgage and they’re ideal for home buyers who plan on living in their new home for at least seven to ten years.

Advantages of a Fixed Rate Loan

  • The interest rate on your home loan will never change
  • Fixed rate loans are predictable and help you maintain a budget
  • They’re very attractive when interest rates are low

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Adjustable Rate Mortgages

Adjustable Rate Mortgages (also known as ARMs) are loans whose interest rate moves up or down as market interest rates change. Adjustable Rate Mortgage Loans start off with a fixed interest rate for a period of one month to ten years followed by interest rate adjustments at least once a year after the fixed rate period expires. ARMs can be advantageous for people who intend to sell a house within a few years.

Advantages of an Adjustable Rate Mortgage(ARM)

The primary advantage of an ARM is that you can initially get a loan at a lower interest rate than a fixed rate loan. The tradeoff is that once your fixed rate period expires, you assume the risk of changes in market conditions that can cause interest rates to rise and your rate may increase significantly or even dramatically.

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