Type of loan

The perfect loan if...

30-Year, Fixed Loan

Interest is fixed over the 30-year term of the loan. Monthly payments do not change.

• You plan to stay in your house 5 years or more
• You need lower monthly payments
• You don't need to build equity quickly
• You want the stability of a fixed interest rate
• You don't want your monthly payments to change

15-Year, Fixed Loan

Interest is fixed over the 15-year term of the loan. Monthly payments do not change.

• You plan to stay in your house 5 years or more
• You can pay higher monthly payments
• You need to build equity quickly
• You want to pay the loan off quickly
• You want stable monthly payments and interest rates

5/1 Adjustable Rate Mortgage

An Adjustable Rate Mortgage with a low fixed interest rate for 5 years, after which the rate and monthly payments adjust every year.

• You need a low initial monthly payment
• You don't plan to stay in the house for longer than 5 or 6 years or
• You plan to refinance in 5 or 6 years or
• You're retired and live on a fixed income

3/1 or 3/6 Adjustable Rate Mortgage

An Adjustable Rate Mortgage with a low, fixed interest rate for 3 years, after which the rate and monthly payments adjust once or twice every year.

• You need a very low monthly payment
• You don't plan to stay in the house for longer than 5 years or
• You plan to refinance in 5 or 6 years or
• You need to fix your credit or
• You're buying the house as an investment

Interest Only 3/1 or 5/1 Adjustable Rate Mortgage

An Adjustable Rate Mortgage with a low, fixed interest rate for 3 or 5 years, after which the rate adjusts twice per year. For the first 3 or 5 years of the loan, you pay only the interest on the loan.

• You need the lowest possible monthly payment
• You don't plan to stay in the house for longer than 5 years or
• You plan to refinance in 5 or 6 years or
• You need to fix your credit to get a better loan in the future