most common TYPES OF residential LOANS

30 Year Fixed

Payments are fixed for 360 months. The interest rate is unchanged throughout the life of the loan.

20 Year Fixed

Payments are fixed for 240 months. The interest rate is unchanged throughout the life of the loan.

15 Year Fixed

Payments are fixed for 180 months. The interest rate is unchanged throughout the life of the loan.

10/1 or 10/6 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 or 6-month ARM for the remaining term.

7/1 or 7/6 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 or 6-month ARM for the remaining term.

5/1 or 5/6 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 or 6-month ARM for the remaining term.

​3/1 or 3/6 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 or 6-month ARM for the remaining term.

other Types of residential loans

• 25-Year Fixed Mortgage
• 20-Year Fixed Mortgage
• 10-Year Fixed Mortgage
• 10/1 Interest-only Adjustable Rate Mortgage (ARM)
• 7/1 Interest-only Adjustable Rate Mortgage (ARM)
• 5/1 Interest-only Adjustable Rate Mortgage (ARM)
• 3/1 Interest-only Adjustable Rate Mortgage (ARM)
• 30-Year Interest-only Fixed Mortgage
• ​40-Year Interest-only Fixed Mortgage