|
| |
| 30 Year Fixed Rate |
| 20 Year Fixed Rate |
| 15 Year Fixed Rate |
| 10 Year Fixed Rate |
| 10 Year ARM |
| 7 Year ARM |
| 5 Year ARM |
| 3 Year ARM |
| 1 Year ARM |
|
30 Year Fixed Rate
The 30 year fixed is one of the most popular loans. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you will pay more interest over the life of the loan.
|
 |
20 Year Fixed Rate
A 20 year fixed rate loan is a good way to have fixed payments and a shorter term for the loan. Advantages are that you will build equity more quickly, pay less interest and own the property sooner. Your monthly payments will be higher because the term of the loan is shorter.
|
|
15 Year Fixed Rate
Generally, you will pay a lower interest rate with a 15 year loan. You will build equity more quickly and pay less interest.
|
|
10 Year Fixed Rate
A 10 year fixed rate loan is a good way to have fixed payments and a shorter term for the loan. This is one of the shorter loan terms available. Advantages are that you will build equity more quickly, pay less interest and own the property sooner. Your monthly payments will be higher because the term of the loan is shorter.
|
|
10 Year ARM
10 Year Adjustable Rate Mortgage (ARM) -
A loan with a fixed rate for the first 10 years that has a rate that changes once each year for the remaining term of the loan. The rate can change after the first 10 years, therefor the monthly payment may also change.
|
|
7 Year ARM
7 Year Adjustable Rate Mortgage (ARM) -
A loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining term of the loan. The rate can change after the first 7 years, therefor the monthly payment may also change.
|
|
5 Year ARM
5 Year Adjustable Rate Mortgage (ARM) -
A loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining term of the loan. The rate can change after the first 5 years, therefor the monthly payment may also change.
|
|
3 Year ARM
3 Year Adjustable Rate Mortgage (ARM) -
A loan with a fixed rate for the first 3 years that has a rate that changes once each year for the remaining term of the loan. The rate can change after the first 3 years, therefor the monthly payment may also change.
|
|
1 Year ARM
1 Year Adjustable Rate Mortgage (ARM) -
A loan with a fixed rate for the first 1 year that has a rate that changes once each year for the remaining term of the loan. The rate can change after the first 1 year, therefor the monthly payment may also change.
|
|
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,001 with closing costs of $8,340. Your actual APR may be different depending upon these factors.
|