Mortgage Information
   
How Long Will You be in the Home?
Recommended Loan Program.
1-3 Years
3/1 ARM, 1 year ARM or 6 month ARM
3-5 Years
5/1 ARM
5-7 Years
7/1 ARM
7-10 Years
10/1 ARM, 30 year fixed or 15 year fixed
10 + Years
30 year fixed or 15 year fixed
ARM (Adjustable Rate Mortgages)
Fixed Rate Mortgages

Programs

Advantages

 Disadvantages
10/1 ARM

Lower initial monthly payment

More risk
7/1 ARM Lower payment over a shorter period of time Payments may change over time
3/1 ARM Rates and payments may go down if rates improve Potential for high payments if rates
go up
1 year ARM Rates and payments may go down if rates improve
6 month ARM May qualify for higher loan amounts
1 month ARM

May qualify for higher loan amounts

Programs

Advantages

 Disadvantages
15 or 30 year fixed

Monthly payments are fixed over the life of the loan

Higher interest rate
15 or 30 year fixed Interest rate does not change Higher mortgage payments
15 or 30 year fixed Protected if rates go up Rate does not drop if interest rates improve
15 or 30 year fixed Can refinance if rates go down
 
 
 


 

 
 
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