|
Fixed Rate (30, 25, 20, 15, 10 Year)
|
Designed to offer a fixed interest rate and level payments for the life of the
loan.
|
|
10/1 Arm
|
Designed to offer fixed and stable payments for the first 120 months (10 Years)
and then annual adjustments are based on the index plus the margin.
|
|
7/1 Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
84
months
(7
Years)
and
then
annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
7/6 Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
84
months
(7
Years)
and
then
semi-annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
5/1 Arm
|
Designed to offer fixed and stable payments for the first 60 months (5 years)
then annual adjustments are based on the index plus the margin.
|
|
5/6 Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
60
months
(5
Years)
and
then
semi-annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
3/1 Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
36
months
(3
Years)
and
then
annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
3/6 Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
36
months
(3
Years)
and
then
semi-annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
2/6
Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
24
months
(2
Years)
and
then
semi-annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
1
Year
Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
12
months
(1
Year)
and
then
annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
6
Month
Arm
|
Designed
to
offer
fixed
and
stable
payments
for
the
first
6
months
and
then
semi-annual
adjustments
are
based
on
the
index
plus
the
margin.
|
|
1
Month
Arm
|
Designed
to
adjustment
ever
month
based
on
the
index
plus
the
margin.
|
|
Payoption
Arm
|
Designed
to
offer
borrowers
the
advantages
of
an
adjustable
rate
mortgage
loan
combined
with
flexible
payment
options.
After
an
initial
introductory
period
(1
month,
3
month,
6
month
or
12
month)
the
borrower
may
select
each
month,
in
addition
to
the
required
minimum
payment,
one
of
three
additional
payment
options.
1.
Minimum
payment
amount
plus
any
interest
owing
for
the
current
month
("Interest
Only")
2.
Fully
amortizing
(based
on
30-year
term)
3.
Fully
amortizing
(based
on
15-year
term)
|
| |
