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| Top 9 Mortgages Explained! Find The Mortgage That is Right For You |
1. Fixed Rate Mortgage
A fixed rate mortgage, like the name implies, maintains the same interest rate
throughout the entire life of the loan. You can get this fixed rate mortgage usually
in 10, 15, or 30 year terms. The time can be negotiable with your specific lender to
fit your needs. This type of mortgage is good for the home buyer who wishes to know
how much the house payment will be every month because it is fixed and if the home
buyer is planning on living in the home for 10 years or more.
2. One Year Adjustable Rate Mortgage
Adjustable rate mortgages, or ARMS, have interest rates that change according to
financial indexes often dictated by the current market. This means that your payment
can increase or decrease according to the change in the index. This can sometimes
offer instable payments so the home owner must be prepared for changes of either
an increase or decrease in amount.
3. 10/1 Year ARM
With this mortgage, the interest rate remains the same for 10 years and then starting
the 11th year changes every year according to the index the lender chooses to base
the interest on. This mortgage is good for those who may move in 10 years and want
to enjoy a stable payment plan while they are living in the home.
4. Balloon Mortgage
Balloon mortgages are considered a little higher risk because at the end of the life
of the loan, there can be a large payment as the loan is due in full. The life of the loan
is negotiable; however 3, 5, and 7 year balloons are common. The home owner will
pay at a stable interest rate for the life of the loan, then at the end of the term, all
the remainder of the loan must be paid in full. The home owner must be prepared for
this final, possibly very large payment. This mortgage is good for those who want to live
in the property more than the life of the loan, who want to pay the mortgage off quickly,
who like stable monthly payments, or who plan to move before the life of the loan,
in which the loan can be assumable and passed to another buyer.
5. 7/1 Year ARM
Like the 10/1 ARM, this mortgage simply has a different life term. The interest rate
remains steady for 7 years and then starting the 8th year the interest rate will change
according to the index, causing the monthly payment to change every year after.
This mortgage is good for the home owner who plans to live in the home for 7 years
and likes stable payments. It is also good for the home owner who wants to move
within 7 years and has options in case he or she chooses otherwise.
6. 30 Due in 7 Mortgage
This mortgage is like two fixed rate mortgages put together. It is also known as a
7/23 two-step mortgage. The interest rate and monthly payment remains stable for
7 years and then on the 8th year, the interest rate changes according to the current
rates. This interest rate and payment will remain the same for the life of the loan.
This mortgage is good for those who plan to live in the home for more than 10 years
and wants to risk the interest rate going either higher or lower at the 8 year mark.
7. 30 Due in 5
Similar to the 30 due in 7, this mortgage is a two-step mortgage that has an interest
rate and monthly payment that remains stable for 5 years and then changes according
to the current market rates on the 6th year. This mortgage is good for those who wish
to live in the home for longer than 5 years and want to risk having a change in a monthly
payment, whether an increase or decrease.
8. 5/5 and 3/3 ARMs
These mortgages have a stable payment for the first listed number, 3, 5, or however
negotiated, and then after that period the interest rate changes according to the
market every 5 years for the 5/5 ARM and 3 years for the 3/3 ARM. This mortgage
has fewer adjustments for the life of the loan and is good for those who which to
live in the home for a period of 3-5 years and who are open to changes in the future.
9. 5/1 and 3/1 ARMs
This mortgage is not stable and the interest rate changes every year after the first
listed number. So starting the 6th year for the 5/1 ARM and starting the 4th year for
the 3/1 ARM. This is good for the home owner who wishes to live in the property for
the stable payment length of the loan and who is willing to risk getting the lowest rate
possible after a time of stability.
A fixed rate mortgage, like the name implies, maintains the same interest rate
throughout the entire life of the loan. You can get this fixed rate mortgage usually
in 10, 15, or 30 year terms. The time can be negotiable with your specific lender to
fit your needs. This type of mortgage is good for the home buyer who wishes to know
how much the house payment will be every month because it is fixed and if the home
buyer is planning on living in the home for 10 years or more.
2. One Year Adjustable Rate Mortgage
Adjustable rate mortgages, or ARMS, have interest rates that change according to
financial indexes often dictated by the current market. This means that your payment
can increase or decrease according to the change in the index. This can sometimes
offer instable payments so the home owner must be prepared for changes of either
an increase or decrease in amount.
3. 10/1 Year ARM
With this mortgage, the interest rate remains the same for 10 years and then starting
the 11th year changes every year according to the index the lender chooses to base
the interest on. This mortgage is good for those who may move in 10 years and want
to enjoy a stable payment plan while they are living in the home.
4. Balloon Mortgage
Balloon mortgages are considered a little higher risk because at the end of the life
of the loan, there can be a large payment as the loan is due in full. The life of the loan
is negotiable; however 3, 5, and 7 year balloons are common. The home owner will
pay at a stable interest rate for the life of the loan, then at the end of the term, all
the remainder of the loan must be paid in full. The home owner must be prepared for
this final, possibly very large payment. This mortgage is good for those who want to live
in the property more than the life of the loan, who want to pay the mortgage off quickly,
who like stable monthly payments, or who plan to move before the life of the loan,
in which the loan can be assumable and passed to another buyer.
5. 7/1 Year ARM
Like the 10/1 ARM, this mortgage simply has a different life term. The interest rate
remains steady for 7 years and then starting the 8th year the interest rate will change
according to the index, causing the monthly payment to change every year after.
This mortgage is good for the home owner who plans to live in the home for 7 years
and likes stable payments. It is also good for the home owner who wants to move
within 7 years and has options in case he or she chooses otherwise.
6. 30 Due in 7 Mortgage
This mortgage is like two fixed rate mortgages put together. It is also known as a
7/23 two-step mortgage. The interest rate and monthly payment remains stable for
7 years and then on the 8th year, the interest rate changes according to the current
rates. This interest rate and payment will remain the same for the life of the loan.
This mortgage is good for those who plan to live in the home for more than 10 years
and wants to risk the interest rate going either higher or lower at the 8 year mark.
7. 30 Due in 5
Similar to the 30 due in 7, this mortgage is a two-step mortgage that has an interest
rate and monthly payment that remains stable for 5 years and then changes according
to the current market rates on the 6th year. This mortgage is good for those who wish
to live in the home for longer than 5 years and want to risk having a change in a monthly
payment, whether an increase or decrease.
8. 5/5 and 3/3 ARMs
These mortgages have a stable payment for the first listed number, 3, 5, or however
negotiated, and then after that period the interest rate changes according to the
market every 5 years for the 5/5 ARM and 3 years for the 3/3 ARM. This mortgage
has fewer adjustments for the life of the loan and is good for those who which to
live in the home for a period of 3-5 years and who are open to changes in the future.
9. 5/1 and 3/1 ARMs
This mortgage is not stable and the interest rate changes every year after the first
listed number. So starting the 6th year for the 5/1 ARM and starting the 4th year for
the 3/1 ARM. This is good for the home owner who wishes to live in the property for
the stable payment length of the loan and who is willing to risk getting the lowest rate
possible after a time of stability.
| As you can see, most of these mortgages can fall under three main categories: fixed, adjustable, two-step and balloon. The terms and length of the mortgages are negotiable, so ask for assistance in finding the best loan for your financial situation. |
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