These loan programs are fixed for the entire term of the loan. Choices include 30, 25, 20, 15, and 10-year terms. The rates will not change during the life of the loan. These loans can be used for the purchase or refinance of a personal residence, second home, or investment property.
Referred to as ARMs, these loans are fixed only for a period of time, typically 5 – 10 years. They will be amortized over a 30-year term. ARMs will have lower start rates than fixed rate mortgages, but will adjust to current market rates when the fixed period has expired.
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