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15- and 30-Year Fixed-Rate Mortgages

  • Interest rate does not change.
     

  • Principal and interest (P & I) does not change.
     

  • Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term.
     

  • Different loan terms are available (15- and 30-year terms are most popular).
     

  • The shorter the term, the faster equity is built and the loan is paid off.

    • Adjustable-Rate Mortgages (ARMs)

  • There is potential for the interest rate/ payment to fluctuate.
     
  • ARMs transfer to borrowers a portion of the risk associated with a changing economy.
     
  • In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages.
     
  • The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.

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    Description                    Info
    Loan Amount:
    Loan Length in Months:
    Interest Rate:
    Monthly Payment: