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Loan Type

Benefits & Characteristics

Consider this Loan if You

Fixed Rate Loan

Interest rate and monthly payments of principal and interest are fixed for the term of the loan

30, 25, 20, 15, 10 year terms

Prefer the stability of fixed payments

Plan to own the property for more than 10 years

10/1 Arm

Interest rate and monthly payments of principal and interest are fixed for the first 10 years

After the initial 10 years, the interest rate may be adjusted yearly for the remainder of the term

30 year term

Prefer the stability of initial fixed payments and do not mind rate fluctuations in later years

Plan to own the property for less than 10 years

Prefer discounted initial interest rate

7/1 Arm

Interest rate and monthly payments of principal and interest are fixed for the first 7 years

After the initial 7 years, the interest rate may be adjusted yearly for the remainder of the term

30 year term

Prefer the stability of initial fixed payments and do not mind rate fluctuations in later years

Plan to own the property for less than 7 years

Prefer discounted initial interest rate

5/1 Arm

Interest rate and monthly payments of principal and interest are fixed for the first 5 years

After the initial 5 years, the interest rate may be adjusted yearly for the remainder of the term

30 year term

Prefer the stability of initial fixed payments and do not mind rate fluctuations in later years

Plan to own the property for less than 5 years

Prefer discounted initial interest rate

1/1 Arm

Interest rate and monthly payment of principal and interest are subject to change each year

The interest rate is typically lower at inception

30 year term

Want the lowest rate

Are willing to accept yearly rate fluctuations

Want to qualify for a larger mortgage