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)