Fixed-rate mortgages
You plan to be in your home for many years and want a steady interest rate.
Features
You plan to be in your home for many years and want a steady interest rate.
Features
- Good for purchase or refinance; terms of 15, 20 and 30 years
- The interest rate and monthly payment stay the same for the life of the loan.
- Use your loan to buy a primary residence, invest in a second home or buy an income property
- You want a stable monthly payment
- You plan to stay in your home for many years
- You like your interest rate
ARM (Adjustable Rate Mortgage)
You're looking for lower initial monthly payments.
Features
- Good for purchase or refinance; terms of 15 and 30 years
- Many of our ARMs are assumable
- Use your loan to buy a primary residence, invest in a second home or buy an income property
- A loan prepayment penalty may apply
- Initial monthly payments are typically lower than payments on fixed-rate loans
- You plan to own your home for only a few years
- You’re confident your income will increase enough in future years to handle any increase in payments
- Rate adjustment caps limit how much your interest rate can go up or down at each adjustment period
- Rates can adjust up or down based on the movement of a specified index. The rate consists of an index plus a margin. The margin is determined at the time you lock in your interest rate.
- The index used is based on the particular ARM loan and is a standard industry-recognized interest rate "benchmark"
- Each year your loan margin is added to the index value to determine your new interest rate. Your monthly payment changes as the index changes.
- With all ARMs, you get a lifetime interest rate cap, which is determined at the time you lock in your interest rate. You know from the start the maximum rate you would ever have to pay.