1. Fixed Rate Mortgage
A fixed rate mortgage, like the name implies,
maintains the same interest rate throughout
the entire life of the loan. You can get this
fixed rate mortgage usually in 10, 15, or 30
year terms. The time can be negotiable with
your specific lender to fit your needs. This
type of mortgage is good for the home buyer
who wishes to know how much the house
payment will be every month because it is
fixed and if the home buyer is planning on
living in the home for 10 years or more.
A fixed rate mortgage, like the name implies,
maintains the same interest rate throughout
the entire life of the loan. You can get this
fixed rate mortgage usually in 10, 15, or 30
year terms. The time can be negotiable with
your specific lender to fit your needs. This
type of mortgage is good for the home buyer
who wishes to know how much the house
payment will be every month because it is
fixed and if the home buyer is planning on
living in the home for 10 years or more.
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3. 10/1 Year ARM
With this mortgage, the interest rate
remains the same for 10 years and
then starting the 11th year changes
every year according to the index the
lender chooses to base the interest
on. This mortgage is good for those
who may move in 10 years and want
to enjoy a stable payment plan while
they are living in the home.
With this mortgage, the interest rate
remains the same for 10 years and
then starting the 11th year changes
every year according to the index the
lender chooses to base the interest
on. This mortgage is good for those
who may move in 10 years and want
to enjoy a stable payment plan while
they are living in the home.
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2. One Year Adjustable Rate Mortgage
Adjustable rate mortgages, or ARMS, have
interest rates that change according to
financial indexes often dictated by the
current market.
This means that your payment can increase
or decrease according to the change in the
index. This can sometimes offer instable
payments so the home owner must be
prepared for changes of either an increase
or decrease in amount.
Adjustable rate mortgages, or ARMS, have
interest rates that change according to
financial indexes often dictated by the
current market.
This means that your payment can increase
or decrease according to the change in the
index. This can sometimes offer instable
payments so the home owner must be
prepared for changes of either an increase
or decrease in amount.
4. Balloon Mortgage
Balloon mortgages are considered a little higher risk because at the end of
the life of the loan, there can be a large payment as the loan is due in full.
The life of the loan is negotiable; however 3, 5, and 7 year balloons are
common. The home owner will pay at a stable interest rate for the life of the
loan, then at the end of the term, all the remainder of the loan must be paid
in full. The home owner must be prepared for this final, possibly very large
payment. This mortgage is good for those who want to live in the property
more than the life of the loan, who want to pay the mortgage off quickly, who
like stable monthly payments, or who plan to move before the life of the loan,
in which the loan can be assumable and passed to another buyer.
Balloon mortgages are considered a little higher risk because at the end of
the life of the loan, there can be a large payment as the loan is due in full.
The life of the loan is negotiable; however 3, 5, and 7 year balloons are
common. The home owner will pay at a stable interest rate for the life of the
loan, then at the end of the term, all the remainder of the loan must be paid
in full. The home owner must be prepared for this final, possibly very large
payment. This mortgage is good for those who want to live in the property
more than the life of the loan, who want to pay the mortgage off quickly, who
like stable monthly payments, or who plan to move before the life of the loan,
in which the loan can be assumable and passed to another buyer.
5. 7/1 Year ARM
Like the 10/1 ARM, this mortgage
simply has a different life term. The
interest rate remains steady for 7
years and then starting the 8th year
the interest rate will change according
to the index, causing the monthly
payment to change every year after.
This mortgage is good for the home
owner who plans to live in the
home for 7 years and likes stable
payments. It is also good for the home
owner who wants to move within 7
years and has options in case he or
she chooses otherwise.
Like the 10/1 ARM, this mortgage
simply has a different life term. The
interest rate remains steady for 7
years and then starting the 8th year
the interest rate will change according
to the index, causing the monthly
payment to change every year after.
This mortgage is good for the home
owner who plans to live in the
home for 7 years and likes stable
payments. It is also good for the home
owner who wants to move within 7
years and has options in case he or
she chooses otherwise.
6. 30 Due in 7 Mortgage
This mortgage is like two fixed rate
mortgages put together. It is also
known as a 7/23 two-step mortgage.
The interest rate and monthly payment
remains stable for 7 years and then on
the 8th year, the interest rate changes
according to the current rates. This
interest rate and payment will remain
the same for the life of the loan. This
mortgage is good for those who plan to
live in the home for more than 10
years and wants to risk the interest
rate going either higher or lower at the
8 year mark.
This mortgage is like two fixed rate
mortgages put together. It is also
known as a 7/23 two-step mortgage.
The interest rate and monthly payment
remains stable for 7 years and then on
the 8th year, the interest rate changes
according to the current rates. This
interest rate and payment will remain
the same for the life of the loan. This
mortgage is good for those who plan to
live in the home for more than 10
years and wants to risk the interest
rate going either higher or lower at the
8 year mark.
7. 30 Due in 5
Similar to the 30 due in 7, this
mortgage is a two-step mortgage
that has an interest rate and
monthly payment that remains
stable for 5 years and then
changes according to the current
market rates on the 6th year. This
mortgage is good for those who
wish to live in the home for longer
than 5 years and want to risk
having a change in a monthly
payment, whether an increase or
decrease.
Similar to the 30 due in 7, this
mortgage is a two-step mortgage
that has an interest rate and
monthly payment that remains
stable for 5 years and then
changes according to the current
market rates on the 6th year. This
mortgage is good for those who
wish to live in the home for longer
than 5 years and want to risk
having a change in a monthly
payment, whether an increase or
decrease.
8. 5/5 and 3/3 ARMs
These mortgages have a stable
payment for the first listed number, 3,
5, or however negotiated, and then
after that period the interest rate
changes according to the market every
5 years for the 5/5 ARM and 3 years
for the 3/3 ARM. This mortgage has
fewer adjustments for the life of the
loan and is good for those who which
to live in the home for a period of 3-5
years and who are open to changes in
the future.
These mortgages have a stable
payment for the first listed number, 3,
5, or however negotiated, and then
after that period the interest rate
changes according to the market every
5 years for the 5/5 ARM and 3 years
for the 3/3 ARM. This mortgage has
fewer adjustments for the life of the
loan and is good for those who which
to live in the home for a period of 3-5
years and who are open to changes in
the future.
9. 5/1 and 3/1 ARMs
This mortgage is not stable and the
interest rate changes every year after
the first listed number. So starting the
6th year for the 5/1 ARM and starting
the 4th year for the 3/1 ARM. This is
good for the home owner who wishes
to live in the property for the stable
payment length of the loan and who is
willing to risk getting the lowest rate
possible after a time of stability.
This mortgage is not stable and the
interest rate changes every year after
the first listed number. So starting the
6th year for the 5/1 ARM and starting
the 4th year for the 3/1 ARM. This is
good for the home owner who wishes
to live in the property for the stable
payment length of the loan and who is
willing to risk getting the lowest rate
possible after a time of stability.
| As you can tell, most of these mortgages can fall under three main categories: fixed, adjustable, two-step and balloon. The terms and length of the mortgages are negotiable, so ask your broker, lender or financial advisor for assistance in finding the best loan for your financial situation. |
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