Choosing Your Mortgage        

To help you find the right mortgage type, interest rate and repayment term that best suit your needs, please read your options below:

Fixed Rate Mortgages

The interest rate of a fixed-rate mortgage is constant throughout the term of the loan, which means the amount of your monthly principal and interest payments remain the same from your first payment to last. The total dollar amount of the payment may increase, however, reflecting increases in taxes and the cost of hazard insurance, both of which usually are included in your mortgage payment.

If you'd like the peace of mind that comes with a stable interest-rate payment, then a fixed-rate mortgage may be the ideal choice. Borrowers often choose fixed-rate mortgages when interest rates are low and are expected to rise.

Fixed rate mortgages are offered with repayment terms of:

• 30, 25, 20 and 15 years on Conforming Loans.  
• 30 & 15 years on Jumbo Loans

• 30 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 30 years. This type of mortgage is preferred by borrowers who want the security of a fixed rate and lower payments than those offered by shorter-term loans.
• 25 year fixed rate mortgage: Monthly principal and interest payments are fixed, amortized over 25 years.
• 20 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 20 years. Payments on a 20 year fixed-rate mortgage generally are higher than a 30 year or 25 year fixed rate mortgage but lower than those of a 15 year fixed rate mortgage.
• 15 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 15 years. This type of mortgage is preferred by borrowers who want a fixed rate and the benefit of "rapid equity accumulation" through higher monthly payments. The payments on a 15 year fixed rate mortgage are the highest of any of the fixed rate programs.

Adjustable Rate Mortgages

The interest rate of an adjustable-rate mortgage (ARM) changes at predetermined intervals based on fluctuations in market interest rates.

To moderate extreme fluctuations, ARMs have adjustment caps, which limit the amount an interest rate can change within a given time period.

Adjustable Rate Mortgages have a loan term of 30-years, with a fixed introductory period ranging from 6 months to 10 years. Many borrowers choose a shorter fixed introductory period to obtain a lower rate for the length of that period. In most cases, the introductory period matches the borrower's time horizon for carrying the mortgage, which means the mortgage will be refinanced or the property will be sold prior to the end of the introductory period. After the initial fixed period, it will convert to an adjustable rate mortgage and the interest rate will adjust according to fluctuations in the market.

      
Adjustable-rate mortgages are offered on Conforming & Jumbo Loan amounts as well as being offered on Full Doc, Stated Income (No Income Verification) , No Ratio, Stated Assets, and No Documentation Mortgages. 

• 1 or 3 Month Adjustable Rate Mortgage. This type of mortgage is actually fixed for the 1st year. After the 1st year, it may change its interest rate every three months. Especially advantageous for borrowers who need a low payment for the 1st year. Offered mostly on COFI, MTA, COSI, or CODI indexes.
  • interest only option
  • Pick a Payment - 4 Payment Options

• 6 Month Adjustable Rate Mortgage. This type of mortgage changes its interest rate every six months. When interest rates are perceived as declining, this very short term ARM often enables borrowers to secure lower advantageous rates on their mortgages.
  • interest only option
  • Pick a Payment - 4 Payment Options

• 1 Year ARM / 6 Month Adjustable Rate Mortgage Offers an initial fixed rate for the first  year, then converts to a adjustable rate for the remaining 29 years. Generally, this type of financing offers a lower initial rate than a 3 year ARM / 6 month ARM.
  • 1 year interest only option
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  2 Year ARM / 6 Month Adjustable Rate Mortgage Offers an initial fixed rate for a three-year period, then converts to an adjustable rate mortgage for the remaining 28 years (2 28 arm). Generally, this type of loan offers a lower initial rate than a 5 year ARM / 6 month ARM.

  • 2 year interest only option

  3 Year ARM /6 Month Adjustable Rate Mortgage Offers an initial fixed rate for a three-year period, then converts to an adjustable rate mortgage for the remaining 27 years. Generally, this type of financing offers a lower initial rate than a 5 year ARM / 6 month adjustable.

  • 3 year interest only option
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  5 Year ARM / 6 Month Adjustable Rate Mortgage Offers an initial fixed rate for a five-year period, then converts to an adjustable rate mortgage for the remaining 25 years. Generally, this type of loan offers a lower initial rate than a 7 year fixed /6 month ARM.
  • 5 year interest only option
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• 7 Year ARM/6 Month Adjustable Rate Mortgage Offers an initial fixed rate for a ten-year period, then converts to an adjustable rate for the remaining 20 years. Generally, this type of financing offers a lower initial rate than a 30-year fixed-rate mortgage.
  • 7 year interest-only option
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  10 Year ARM/6 Month Adjustable Rate Mortgage Offers an initial fixed rate for a ten-year period, then converts to an adjustable rate for the remaining 20 years. Generally, this type of financing offers a lower initial rate than a 30-year fixed-rate mortgage.
  • 10 year interest-only option
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