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Real Estate Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) loan gives you a lower initial interest rate and monthly payment. Your interest rate is adjusted at a specific prearranged period or annually, based on a predetermined financial index. As your interest rate changes, so does your monthly payment. ARMs may be "capped," meaning you are protected against significant fluctuations in your index. 1-Year Adjustable Rate Mortgage (ARM)
A 1 year ARM has payments that adjust once each year and the payments are calculated up to a 30-year period. Typically, this type of loan has the lowest initial start rate and can therefore help you qualify for a larger loan amount.3/3 ARM
This loan type has fixed payments for the first 3 years, and then adjusts every three years thereafter. The loan payments are calculated up to a period of 30 years.5/1 ARM
This loan has fixed payments for 5 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated up to a period of 30 years.Fixed Rate Loans
This is the most basic type of home mortgage loan. Choose from 10 or 15-year terms. Your monthly principal and interest payment, established at closing, remains the same through the life of the loan.10 Year Fixed Rate Loan
Payments on 10-year loans are calculated over a period of 10 years and have a fixed interest rate and payment for the life of the loan. 15 Year Fixed Rate Loan
Payments on 15-year loans are calculated over a period of 15 years and have a fixed interest rate and payment for the life of the loan. Other Fixed Rate Loans
Our secondary loan mortgage specialists offer 15, 20 and 30-year fixed rate loan packages with low rates and quick closes. If you have limited funds for a down payment or if you are a Veteran, inquire about a WV Housing loan or other government subsidized loans. |
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