| Mortgage Types |
 Fixed-Rate
A fixed rate mortgage interest rate remains the same across the length of the loan. The advantage of this type of mortgage is, that your monthly principal and interest payments won't change across the term of the loan. Payments can vary with fluctuations in property taxes and insurance premiums.
Adjustable-Rate
An Adjustable-Rate Mortgage (ARM) has an interest rate that varies over the term of the loan. The starting interest rate is lower than the going market rate, but can increase (or decrease) a certain amount at specific intervals.
Balloon Rate
A Balloon Mortgage is for those who do not think they will remain in their current home for an extended time. Borrowers have consistent payments for 5 or 7 years, with the remaining balance due at the end of this term. At that time, many borrowers refinance with a fixed rate mortgage or any other real estate product.
Which Mortgage is Best for You?
Deciding which mortgage is best for you will depend upon your individual circumstances. Please contact a Real Estate representative for details on any of these mortgage types.
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