Types of Loans

  • Fixed Rate Loans—An excellent way to lock into a low interest rate for the life of your loan.
  • Adjustable Rate Mortgages (ARM’s)—The flexible loan, with lower initial rates and payments.
  • Initial Fixed Rate Loan—Start with a rate generally lower than standard fixed rate loans.
30 Year Fixed Rate
Borrower Goals Loan Parameters
Plan to live in the property over 10 years
Like total payment stability
Interest rate & monthly payment remain the same for 30 years

 

15 Year Fixed Rate
Borrower Goals Loan Parameters
Plan on staying in property over 10-15 years
Want to pay off property faster than 30 years
Lower interest rate than 30 year loan
Interest rate & monthly payment remain the same for 15 years
 
7/1 Year Hybrid ARM
Borrower Goals Loan Parameters
Plan to live in property approximately 7 to 8 years
Like initial payment stability, can accept change later
Interest rate & monthly payment fixed for the first 7 years
Starting the 8th year, interest rate adjusted every year, so payment is subject to change every year for remainder of the loan
 
5/5 & 5/1 Year Hybrid ARM
Borrower Goals Loan Parameters
Plan to live in property approximately 5 to 6 years
Like initial payment stability, can accept later changes
Interest rate & monthly payment remain fixed for the first 5 years
Starting the 6th year, interest rate adjusted every 5 years(for 5/5 ARM) and every year (for 5/1 ARM)

 

3/3 & 3/1 Year Hybrid ARM
Borrower Goals Loan Parameters
Plan to live in property 3 years or less
Like initial payment stability, can accept later changes
Interest rate & monthly payment remain fixed for the first 3 years
Starting 4th year, interest rate adjusted every 3 years (for 3/3 ARM) and every year (for 3/1 ARM)

 

Adjustable rate loans
Borrower Goals Loan Parameters
Want to take advantage of lowest rate possible
Are willing to accept yearly payment changes OR
Cannot qualify at higher rate programs
Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term
Potential higher payments (at maximum interest rate)

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