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Best type of home loans

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Understanding the different types of mortgage loans

Whether you’re a first-time buyer or a seasoned homeowner, it's important to understand the differences between available mortgage options when shopping for a home loan. Compare the types of mortgages below to help you select the best mortgage option for you.

Fixed-rate mortgages

  • Our 30-year fixed rate: Has a constant interest rate; monthly principal and interest payments do not change during the term of the loan. Loan will mature in 360 payments. Additional principal payments can be made without penalty for a faster payoff.
  • Our 20-year fixed rate: Has a constant interest rate; monthly principal and interest payments do not change during the term of the loan. Loan will mature in 240 payments. Additional principal payments can be made without penalty for a faster payoff.
  • Our 15-year fixed rate: Has a constant interest rate; monthly principal and interest payments do not change during the term of the loan. Loan will mature in 180 payments. Additional principal payments can be made without penalty for a faster payoff.
  • Our 10-year fixed rate: Has a constant interest rate; monthly principal and interest payments do not change during the term of the loan. Loan will mature in 120 payments. Additional principal payments can be made without penalty for a faster payoff.

Adjustable rate mortgages (ARM)

Adjustable rate mortgages (ARM) are available for all transactions, except for construction or home improvement loans.

  • Our 1/1 ARM: Amortizes over a period up to 360 payments; rate and payment will adjust annually. Rate is calculated based on an index, plus a margin. Rate increase/decrease is subject to a maximum rate cap per adjustment and per life of loan.
  • Our 3/1 ARM: Amortizes over a period up to 360 payments; rate and monthly principal and interest payments remain constant for first 36 payments, after which rate and payment adjusts annually. New rates calculated based on an index, plus a margin. Rate increases/decreases are subject to maximum rate cap per adjustment, and per life of loan.
  • Our 5/1 ARM: Amortizes over a period up to 360 payments; rate and monthly principal and interest payments remain constant for first 60 payments, after which rate and payment adjusts annually. New rates calculated based on an index, plus a margin. Rate increases/decreases subject to maximum rate cap, per adjustment and per life of loan. Lot/land purchase transactions often are financed with a 5/1 ARM on a 15- year amortization.
  • Our 7/1 ARM: Amortizes over a period up to 360 payments; rate and monthly principal and interest payments remain constant for first 84 payments, after which rate and payment adjusts annually. New rates calculated based on an index, plus a margin. Rate increases/decreases subject to maximum rate cap, per adjustment and per life of loan.
  • Our 10/1 ARM: Amortizes over a period up to 360 payments; rate and monthly principal and interest payment remain constant for first 120 payments, after which rate and payment adjust annually. New rates calculated based on an index, plus a margin. Rate increases/decreases subject to maximum rate cap, per adjustment and per life of loan.
  • Our 15/1 ARM: Available for purchase transaction of primary residence, located on 10 to 50 acres of land. Loan matures in 180 payments, after which rate and payment adjusts annually. New rates calculated based on an index, plus a margin. Rate increases/decreases subject to maximum rate cap, per adjustment and per life of loan.

Other mortgages

  • Our 12-month interest-only mortgage: Interest is calculated on the unpaid principal balance, and payable monthly. Loan matures in 12 months. Available as an interim construction loan only.
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