- 30 Year Fixed Mortgage
- Payments are fixed for 360 months. The interest rate is fixed and unchanged throughout the life of the loan.
- 15 Year Fixed Mortgage
- Payments are fixed for 180 months. The interest rate is fixed and unchanged throughout the life of the loan.
- 10/1 Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are fixed for the first ten years (120 Payments). After 10 years, the loan automatically converts to a 1 year ARM for the remaining term.
- 7/1 Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are fixed for the first seven years (84 Payments). After 7 years, the loan automatically converts to a 1 year ARM for the remaining term.
- 5/1 Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are fixed for the first five years (60 Payments). After 5 years, the loan automatically converts to a 1 year ARM for the remaining term.
- 3/1 Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are fixed for the first three years (36 Payments). After 3 years, the loan automatically converts to a 1 year ARM for the remaining term.
- 1 Year Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are set annually and can change once every twelve months. The interest rate is based on an index plus a fixed margin.
- 6 Month Adjustable Rate Mortgage (ARM)
- This is a 30 year loan. Payments are set semi-annually and can change once every six months. The interest rate is based on an index (Treasury Bill) plus a fixed margin.
- 11th District Cost of Funds Index (COFI)
- This is typically a 30 year loan. Some lenders even have a 40 year loan program. Payments are set monthly and can change once a month. The interest rate is based on an index (11th District COFI) plus a fixed margin.
