LOAN TYPE
➢ Fixed Rate Mortgages
DESCRIPTION
A mortgage loan in which the interest rate does not change during the entire term of the loan.
* A fixed-rate mortgage term is generally 15, 20 or 30 years long
* Low down payment options
* Variety of terms to fit your needs.
* Best if you plan to stay in your home at least 5 years.
➢ Adjustable Rate Mortgages (ARM)
A mortgage loan that permits the lender to adjust its interest rate periodically during the life of the loan on the basis of changes in a specific financial index.
* Available in 5-year, 7-year, and 10-year fixed-rate periods.
* At the end of the fixed-rate period, if interest rates go up or down, your payment will
also change at each scheduled adjustment date. Note: In most cases, there are “rate
caps” to limit the amount your interest rate can go up or down.
* Best for buyers who know they’ll sell within 5-10 years
➢ Jumbo Loans
A mortgage loan in which the interest rate does not change during the entire term of the loan.
* A fixed-rate mortgage term is generally 15, 20 or 30 years long
* Low down payment options
* Variety of terms to fit your needs.
* Best if you plan to stay in your home at least 5 years
➢ FHA Loans
A mortgage loan that permits the lender to adjust its interest rate periodically during the life of the loan on the basis of changes in a specific financial index.
* Available in 5-year, 7-year, and 10-year fixed-rate periods.
* At the end of the fixed-rate period, if interest rates go up or down, your payment will
also change at each scheduled adjustment date. Note: In most cases, there are “rate caps” to limit the amount your interest rate can go up or down.
* Best for buyers who know they’ll sell within 5-10 years.
➢ VA Loans
A mortgage loan in which the interest rate does not change during the entire term of the loan.
* A fixed-rate mortgage term is generally 15, 20 or 30 years long
* Low down payment options
* Variety of terms to fit your needs.
* Best if you plan to stay in your home at least 5 years.
➢ Rehabilitation Loans
A mortgage loan that permits the lender to adjust its interest rate periodically during the life of the loan on the basis of changes in a specific financial index.
* Available in 5-year, 7-year, and 10-year fixed-rate periods.
* At the end of the fixed-rate period, if interest rates go up or down, your payment will also change at each scheduled adjustment date. Note: In most cases, there are “rate caps” to limit the amount your interest rate can go up or down.
* Best for buyers who know they’ll sell within 5-10 years.
➢ State Housing Programs
A mortgage loan in which the interest rate does not change during the entire term of the loan.
* A fixed-rate mortgage term is generally 15, 20 or 30 years long
* Low down payment options
* Variety of terms to fit your needs.
* Best if you plan to stay in your home at least 5 years
➢ USDA Rural Housing
A mortgage loan that permits the lender to adjust its interest rate periodically during the life of the loan on the basis of changes in a specific financial index.
* Available in 5-year, 7-year, and 10-year fixed-rate periods.
* At the end of the fixed-rate period, if interest rates go up or down, your payment will also change at each scheduled adjustment date. Note: In most cases, there are “rate caps” to limit the amount your interest rate can go up or down.
* Best for buyers who know they’ll sell within 5-10 years