An introduction to loan types * All features/parameters are subject to change without notice * The Fixed Rate Mortgage remains the most popular loan in America. The total principal and interest payment (P&I) does not change during the life of the loan. With each payment, the principal portion of the payment increases, thereby decreasing the interest portion and the loan balance. Terms from 10 to 30 years Fully amortizing Conventional Conforming loans available to $417,000 and non-conforming loans available to $1 million FHA loans available with low down payments VA loans for veterans only, no down payment required The Adjustable Rate Mortgage has gained in popularity over the last decade as home buyers have become more sophisticated and knowledgeable in home finance. Adjustable Rate loans are fully amortizing, but are re-amortized after each rate change, for the remaining term. Offered as a 30 year loan. Conventional Conforming loans available to $417,000. Non-conforming loans available to $750,000. Generally offered with maximum changes of 2 percent per year and 6 percent over the life of the loan. FHA loans available with low down payments, and rate changes limited to 1 percent per year and 5 percent over the life of the loan. The rate on an adjustable rate loan changes annually. The change is based on a financial index, usually 1-Year LIBOR Rate plus a spread or margin to come up with the adjusted rate. The new rate generally cannot be 2 percent more or less than the current rate on the loan. The 2 percent is considered the periodic cap. Over the life of the loan, the rate generally cannot exceed the initial, first-year rate by more than 6 percent. The 6 percent is referred to as the lifetime cap. We offer a loan that is a blend of a fixed-rate loan and an adjustable-rate loan. The benefits are a rate lower than the fixed rate loan, but better rate protection than a 1 year ARM. We have two to choose from, both featuring 30-year terms and full amortization: 3/1 - Fixed for first 3 years, then adjustable annually. Great for homeowners that tend to relocate often. 5/1 - Fixed for first 5 years, then adjustable annually. Great for young families and some first-time homebuyers who will likely purchase a move-up home within 5 years. Reverse Mortgages are available to supplement income for homeowners 62 years and older. Learn More

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