Home Loans and Mortgage Services
A fixed-rate mortgage means the interest rate and principal payments remain the same for the entire life of the loan. Taxes may change.
Types of Fixed-Rate Mortgages
30 Year Fixed-Rate Mortgage
20 Year Fixed-Rate Mortgage
15 Year Fixed-Rate Mortgage
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Adjustable-Rate MortgagesThe initial interest rate is usually lower than with a fixed-rate mortgage.
The monthly repayment would also be lower.
The interest rate may be adjusted (up or down) at predetermined times.
The monthly payment will then increase or decrease.
Most ARM programs do offer "rate cap" protection, which limits the amount the rate can be increased, both each year and over the life of the loan.
All ARMs are amortized over 30 years.
An adjustable-rate mortgage (ARM) means that the interest rate changes over the life of the loan — according to the terms specified in advance.
Types of Adjustable-Rate Mortgages
10/1 Adjustable-Rate Mortgage
7/1 Adjustable-Rate Mortgage
5/1 Adjustable-Rate Mortgage
3/1 Adjustable-Rate Mortgage
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7 Year Balloon MortgageYour mortgage is amortized over the full term of the loan repayment period.
At the end of a specified period, the balance comes due — a balloon payment needs to be made.
With a balloon mortgage, you start by making payments as you would with a full-term loan, but after a certain period the balance of the mortgage comes due.
With 7 Year Balloons:
So with a 7 year balloon, you would make monthly payments for seven years that have been calculated based on a 30 year mortgage payment plan.
At the end of those seven years, the remaining principal balance is due and payable in full.
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Home Equity Loan
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