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FIXED-RATE MORTGAGE

The traditional fixed-rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed-rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or […]

ADJUSTABLE RATE MORTGAGES (ARM)

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you […]

HYBRID ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest rate that is fixed for a period of years (usually 3, 5, 7, or 10). Then, the loan converts to an ARM for a set number of years. An example would be […]

FHA LOAN

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA).  FHA loans are available for single-family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn’t issue loans or set interest rates, it just guarantees against default. […]

VA HOME LOAN

The VA home Loan provides veterans with a federally guaranteed home loan that requires no down payment. This program was designed to provide housing and assistance for veterans and their families. The Veterans Administration provides insurance to lenders in case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a […]

INTEREST ONLY MORTGAGES

A mortgage is called “Interest Only” when its monthly payment does not include the repayment of the principal for a certain period of time. Interest Only MORTGAGES are offered on fixed-rate or adjustable-rate mortgages as well as on option ARMs. At the end of the interest-only period, the loan becomes fully amortized, thus resulting in […]