Types of Mortgage Loans

Your interest rate stays the same for the life of the loan. Available with 30-, 20-, 15- and 10-year terms, these fully-amortizing loans come with no pre-payment penalty, and down payments can be as low as 3%. A Fixed Rate Mortgage may help you budget with a set payment every single month.

Adjustable Rate Mortgages (ARMs) feature interest rates that adjust with time and may be lower initially than fixed-rate mortgages. You can choose an adjustment period of 3 or 5 years.

Ready to refinance your loan? Refinancing allows you to replace your current loan obligation with one that may have more favorable terms. Plus, a refinance could provide any number of advantages. It may lower your monthly payment, lower your interest rate, shorten or extend the number of years on your loan, or give you more favorable loan terms.