Fixed Rate Mortgage: This loan has a fixed principal and interest payment for the term of the loan. You may choose from a variety of terms.
Adjustable Rate Mortgage (ARM): An ARM loan is a mortgage with the interest rate fixed for a short time period, for example, one year and usually starts off with a lower rate. At the end of that time period, the interest rate on the loan will be adjusted up or down, according to the index, the specified rate cap adjustments and the margin. This type of loan can save you money over a short time.
Balloon Mortgage: This type of mortgage is one that is only partially amortized and has a lump sum or balloon payment due at maturity.
Single Close Construction Loan: This loan provides construction and permanent financing with a single closing.
FHA Mortgage: A governmental division of the U.S. Department of Housing and Urban Development that insures residential mortgage loans made by private lenders and is commonly used for first time home buyers.
VA Mortgage: This loan is a fixed rate mortgage that is insured by the Veterans Administration. You must have served in the military to qualify for this type of loan.