Fixed
Rate Mortgages (FRM’s) Call 888-492-5585 for today’s
rates!
A fixed rate mortgage has a fixed rate and fixed payment for the
life of the loan. Each payment consists of an interest payment and
a payback of principal.
Fixed
Rate Mortgages (FRM’s) |
| 10
year fixed |
120
fixed payments |
| 15
year fixed |
180
fixed payments |
| 20
year fixed |
240
fixed payments |
| 25
year fixed |
300
fixed payments |
| 30
year fixed |
360
fixed payments |
| 7
year balloon* |
84
fixed payments |
| 5
year balloon* |
60
fixed payments |
*A
balloon mortgage is amortized over 30 years and the payment would
be calculated the same as a 30 year fixed. At the end of the balloon
period the loan would be due in full and must be satisfied by: selling
the property, refinancing, or paying the loan off with cash.
Adjustable
Rate Mortgages (ARM’s) Call 888-492-5585 for today’s
rates!
An adjustable rate mortgage has a fixed rate and fixed payment for
a limited amount of time. After the fixed period ends, the rate
and payment will adjust based on a pre-determined index and margin.
(Index + Margin = Note Rate)
Each payment consists of an interest payment and a payback of principal.
Adjustable
Rate Mortgages (ARM’s) |
1
month adjustable 1 fixed payment, then re-adjusts every month |
| 6
month adjustable 6 fixed payments, then re-adjusts every 6
months |
1
year adjustable 12 fixed payments, then re-adjusts every 12
months |
3
year adjustable 36 fixed payments, then re-adjusts every 12
months |
| 5
year adjustable 60 fixed payments, then re-adjusts every 12
months |
7
year adjustable 84 fixed payments, then re-adjusts every 12
months |
| 10
year adjustable 120 fixed payments, then re-adjusts every
12 months |
Interest
Only Mortgages Call 888-492-5585 for today’s rates!
An Interest only mortgage is a loan in which you are only required
to make the interest portion of the payment. It can be applied to
a fixed rate or adjustable rate mortgage. Your minimum payment would
be smaller compared to a fully amortized loan.
Your minimum payment would be figured as simple interest; (loan
amount x rate / 12).
If your loan amount is $325,000 and your rate is 3.5%, your payment
would be $947.92/month.
(325,000 x 3.5% / 12)
Interest
Only Mortgages |
1
month interest only adjustable |
| 6
month interest only adjustable |
3
year interest only adjustable |
5
year interest only adjustable |
| 7
year interest only adjustable |
10
year interest only adjustable |
30
year interest only fixed |
|
