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Fixed Rate Mortgages
The traditional fixed rate mortgage is the most common type of loan programs, where monthly principal and interest payments never change during the life of the loan.

Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARM)'s are loans whose    interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages.

Interest Only Mortgages
A mortgage is called “interest only” when its monthly payment does not include the repayment of principal for a certain period of time.

Components of an ARM
Adjustable rate loan payments will adjust during the term of the loan. These adjustments are calculated using an index and margin. The amount of the adjustment is limited by period and lifetime caps that are specified in the loan documents.

Commonly Used Indexes for ARMs
The most commonly used indexes for ARMs include: LIBOR, Cost of Funds, MTA, One-Year Treasury, and Prime.

Balloon Mortgages
Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.

Reverse Mortgages
Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership.

Graduated Payment Mortgages
Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan.

Option ARM / Pick-A-Payment
This loan program is an adjustable rate mortgage with added flexibility of making one of several possible payments on your mortgage every month, in order to better manage your monthly cash flow.


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