Programs

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and  monthly payments that never change. This may be a good choice if you plan to  stay in your home for seven years or longer. If you plan to move within seven  years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it  may be harder to qualify for fixed-rate loans than for adjustable rate loans.  When interest rates are low, fixed-rate loans are generally not that much more  expensive than adjustable-rate mortgages and may be a better deal in the long  run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly  payments. It offers all the advantages of the 30-year loan, plus a lower  interest rate—and you'll own your home twice as fast. The disadvantage is that,  with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt  for a 30-year fixed-rate loan and voluntarily make larger payments that will pay  off their loan in 15 years. This approach is often safer than committing to a  higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

This loan is fully amortized over a 15-year period and features constant monthly  payments. It offers all the advantages of the 30-year loan, plus a lower  interest rate—and you'll own your home twice as fast. The disadvantage is that,  with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt  for a 30-year fixed-rate loan and voluntarily make larger payments that will pay  off their loan in 15 years. This approach is often safer than committing to a  higher monthly payment, since the difference in interest rates isn't that great.

2/1 Buy Down Mortgage

The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates  so they can borrow more. The initial starting interest rate increases by 1% at  the end of the first year and adjusts again by another 1% at the end of the  second year. It then remains at a fixed interest rate for the remainder of the  loan term. Borrowers often refinance at the end of the second year to obtain the  best long-term rates. However, keeping the loan in place even for three full  years or more will keep their average interest rate in line with the original  market conditions.

Adjustable Rate Mortgages (ARM)

When it comes to ARMs there's a basic rule to remember...the longer you ask the  lender to charge you a specific rate, the more expensive the loan.

Annual ARM

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