Fixed Rate Mortgage
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which can never change during the life of loan. We offer 10, 15, 20, and 30 year terms. Generally, the shorter the term the less your rate will be, saving you money in the long run, but your monthly payment will be higher.
Adjustable Rate Mortgage (ARMs)
Adjustable-rate mortgages include interest payments which can change during the loan’s term, depending on current market conditions. These loans carry a fixed-interest rate for a set period of time before adjusting. For example, a 5/1 ARM will have a fixed rate for 5 years before it can adjust on you once per year. We offer ARM terms of 5/1, 7/1, and 10/1. These loans almost always carry a smaller interest rate than a similar fixed rate mortgage, but clearly are a bit riskier as your payment could go up dramatically once the fixed rate term is up. ARMs are great for folks who are reasonably certain that they’ll be moving before the fixed rate term is up.
Please call or apply and let’s figure out which option is right for you!
Equal Housing Lender
No statement on this website is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the house to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Terms of the loan may be subject to payment of points and fees by the applicant. NMLS# 3116