Program Description

30 Year Fixed The 30 Year Fixed is a fully amortized loan (paid off at the end of the loan period) with a fixed interest rate for 360 monthly payments. The payments are paid monthly and are due the 1st of each month. The payment on this loan remains fixed at the original interest rate for the life of the loan. 15 Year Fixed The 15 Year Fixed is a fully amortized loan (paid off at the end of the loan period) with a fixed interest rate for 180 monthly payments. The payment on this loan remains fixed at the original interest rate for the life of the loan. 5 Year ARM The 5 Year ARM (Adjustable Rate Mortgage) is a fixed rate for the first 5 years, and then it converts to an adjustable rate loan that can adjust every 6 months based on the 6 month LIBOR* index plus a margin. The total loan term is 30 years. 3 Year ARM The 3 Year ARM (Adjustable Rate Mortgage) is a fixed rate for the first 3 years, and then it converts to an adjustable rate loan that can adjust every 6 months based on the 6 month LIBOR* index plus a margin. The total loan term is 30 years. *The average of interbank offered rates for 6 month U.S. dollar-denominated deposits in the London market, as published in The Wall Street Journal.