Fixed Rate Mortgages

Thirty-year fixed rate loans are what most people think of when they hear the word “mortgage.” Fixed rate loans are also referred to as “fully-amortized” loans. One of the aspects that buyers like about fixed rate loans is that the payments stay the same for the life of the loan. Generally, these loans are offered [...]

Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARMs) are attractive to many homebuyers for one reason: lower payments in the first years of the loan. Typically, an ARM will have a low introductory rate, sometimes called a “teaser” rate. This rate is usually much lower than the fixed rates available at that time.
Adjustable rate mortgages (ARMs) have payments that [...]

What Will Be Included In My Mortgage Payments?

Your monthly mortgage payment is made up of several components. This housing expense is commonly referred to as “PITI” or principal, interest, taxes and insurance. PMI (see below) and homeowner’s association dues may also make up a portion of your total payment.
Principal
The original balance of money loaned, excluding interest. Also, the remaining balance of a [...]

What Is A Mortgage?

Unless you’re planning to make an all-cash purchase (in which case you’ll be a very popular buyer!), you’re going to have to secure a mortgage. Though the process can be complex and daunting, it helps to understand what to expect and to take the time up front to really sit down and know what you [...]

Common Questions

How do I choose the best loan program for me?
Your personal situation will determine the best kind of loan for you.

Do you expect your finances to change over the next few years?
Are you planning to live in this home for a long period of time?
Are you comfortable with the idea of a changing mortgage payment [...]