most common TYPES OF LOANS
30 Year Fixed |
Payments are fixed for 360 months. The interest rate is fixed and unchanged throughout the life of the loan.
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15 Year Fixed |
Payments are fixed for 180 months. The interest rate is fixed and unchanged throughout the life of the loan.
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10/1 Adjustable Rate (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.
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7/1 Adjustable Rate (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.
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5/1 Adjustable Rate (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.
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3/1 Adjustable Rate (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.
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other Types of residential loans
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