Types of Loans
Fixed Rate Loans—An excellent way to lock into a low interest rate for the life of your loan. Adjustable Rate Mortgages (ARM's)—The flexible loan, with lower initial rates and payments. Initial Fixed Rate Loan—Start with a rate generally lower than standard fixed rate loans.
30 Year Fixed Rate Borrower Goals Loan Parameters •  Plan to live in the property over 10 years •  Like total payment stability •  Interest rate & monthly payment remain the same for 30 years		15 Year Fixed Rate Borrower Goals Loan Parameters •  Plan on staying in property over 10-15 years •  Want to pay off property faster than 30 years •  Lower interest rate than 30 year loan •  Interest rate & monthly payment remain the same for 15 years
Adjustable Rate Mortgage Borrower Goals Loan Parameters •  Want to take advantage of lowest rate possible •  Are willing to accept yearly payment changes OR •  Cannot qualify at higher rate programs •  Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term •  Potential higher payments (at maximum interest rate)