• Fixed rate loans
  • A mortgage in which the interest rate does not change during the entire term of the loan.

  • Adjustable rate loans
  • A mortgage in which the interest rate changes periodically, according to corresponding fluctuations in an index.

  • Balloon loans
  • A mortgage that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a 30 year period, but requires that at the end of the 10th year the entire remaining balance must be paid.

  • Jumbo loans
  • A mortgage that exceeds the generally accepted secondary market loan limits which vary annually.

  • Construction loans
  • A short term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

  • Interest Only loans
  • An Interest Only mortgage only requires monthly interest payments. Since you are not paying any principal, this can lower your monthly payment. At the end of the interest-only period, your loan reverts back to its original terms, with the monthly payments adjusted upward to reflect full amortization over the remaining years of the loan.

 

 

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