Fixed Rate Mortgage
A fixed-rate mortgage has a constant interest rate and monthly payments that never change because you can lock in the rate for the life of your loan. This may be a good choice if you plan to stay in your home for seven years of longer.
We offer fixed rate mortgages for 5, 10, 15, 20, 25, and 30 year terms.
Adjustable Rate Mortgage (ARM)
ARM loans offer lower interest rates and monthly payments than fixed rate loans. The interest rate fluctuates. An ARM loan is fixed for a defined initial period, then adjusts every 3 years when the initial period is over. The interest rate cap limits the maximum amount your P&I payment may increase or decreases at each rate adjustment and over the life of the loan. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.
We offer ARMs where payments and interest are fixed for 10 years and adjust every three years after that and ARMs that are fixed for three years and adjust every three years after that, and terms for 15, 20, 25 and 30 years.