Rosie Ramo

NMLS #1790191

Rosie Ramos

Mortgage Loan Officer, Residential Mortgage

Cell: (408) 307-5376  Email: rramos@kpcu.com

My experience in the mortgage industry dates back to 1994 when I was hired as an office manager at a local mortgage brokerage. Over the years, I’ve helped hundreds of mortgage customers purchase or refinance their properties. My clients come to me through my sphere of influence including my previous clients, my Realtor relationships and my family and friends. So whether you are a first time or seasoned home buyer or borrower, I am committed to making your borrowing experience both smooth and seamless. The members of Keypoint Credit Union deserve the best rates with the best experience and I’m committed to delivering this to them.

 
 

 

Fixed Rate Mortgages

Fixed rate mortgages are popular loans because your payment will not change since the rate will never change.  

This "traditional" loan maintains its original interest rate throughout the entire life of the loan. Your monthly loan payments may change if there are insurance or tax impounds that increase. But fluctuations in market rates over the term of your loan won't have any impact on the amount of interest you pay because the rate is "fixed." A fixed rate mortgage loan may be a good choice if:

  • You want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change
  • You plan to stay in this home for several years
  • You don't expect your income to increase significantly in the coming years

Fixed rate mortgage loans come in various terms,  such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider:

  • Total amount of interest you want to pay over the course of your loan
    • For example, the total cost of a 30-year loan in terms of interest paid is higher than the interest paid on a 10, 15, or 20-year loan. But with a 30-year loan, you get lower monthly payments due to the longer loan term.
    • With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments.
  • Your ability to afford a high monthly payment
    • If you can afford to pay more per month, you can reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30 year term.

Another option to decrease the amount of interest is to get a 30-year loan, so you don't lock yourself into higher monthly payments, but pay a little "extra" each month towards the principal whenever you can afford to do so.

Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARMs) offer a lower starting interest rate, and therefore a lower monthly payment. Your rate and your payment may increase over time. ARMs are useful loans for a variety of circumstances.

An Adjustable Rate Mortgage may be a good choice if:

  • You want to maximize your buying power
  • You want to keep your payments lower during the initial period of your loan
  • You plan to move or sell the home within the next 10 years
  • You plan to pay-off your mortgage within the next 10 years
  • You expect your income to increase significantly in the coming years

Advantages

  • Allows for higher loan amount qualification and enhanced buying power

Disadvantages

  • It can be riskier if you don't expect your income to increase over the initial introductory rate period to cover the changes in monthly payment
  • Interest rate can rise above the current fixed rate over time