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| Fixed Rate Mortgages |
| Adjustable Rate Mortgages |
| Standard ARMs and the Differences |
| Introductory Rate ARMs |
| Balloon Mortgages |
| Interest-Only ARMs |
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Fixed Rate Mortgages
The most common type of mortgage program, in which your monthly payments for interest and principal do not change.
Term: 30 years
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Adjustable Rate Mortgages
These loans begin with an interest rate lower than a comparable fixed rate mortgage, and the rate changes after specified intervals.
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Standard ARMs and the Differences
Choosing an adjustable rate mortgage with an index that reacts quickly, allows you to take full advantage of falling interest rates.
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Introductory Rate ARMs
These Adjustable Rate Mortgages have a low introductory rate, which is in effect from one month to as long as ten years.
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Balloon Mortgages
Short-term mortgages with some features of a fixed rate mortgage.
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Interest-Only ARMs
This loan gives you the option to pay only the interest, which means that the payment is lower than fully amortized loans.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $7,193. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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