Fixed Rate Mortgages

July 17, 2008 by Loan Officer · Leave a Comment

A fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan. Fixed rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15 year fixed, and 30 year fixed [...]

Tagged: fha, fixed, home loans, loans, mortgages, rate, super jumbo, va

Adjustable Rate Mortgages- ARM

July 17, 2008 by Loan Officer · Leave a Comment

An adjustable rate mortgage (ARM), variable rate mortgage or floating rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments [...]

Tagged: adjustable, fha, mortgages, rate, super jumbo