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Please Note: Programs with a greater number of points are available.
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Fixed Rate Mortgages
As the most popular mortgage program for homebuyers, a fixed rate mortgage offers the stability and consistency of predictable monthly payments for the life of the loan. It may be a good choice for people who expect to live in a home for an extended period of time, or who want to lock in current low interest rates. With a fixed rate mortgage, payments remain constant, allowing you to plan and budget without factoring potential interest rate fluctuations.
Features of Fixed Rate Mortgage Programs:
- Choose any repayment term from 5 to 40 years.
- Jumbo from 5 to 30-year terms for loans over:
1-unit: $417,000
2-unit: $533,850
3-unit: $645,300
4-unit: $801,950
- Minimum loan balance of $50,000
- Maximum loan balance of $5 million
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Adjustable Rate Mortgages
With a typically lower mortgage payment, Adjustable Rate Mortgages (ARMs) are an increasingly popular alternative to the conventional fixed rate mortgage for homeowners trying to get the most home for the lowest payment. The downside of the lower payment is a potential increase in the monthly payment over time, if interest rates rise. Therefore, ARMs are most appropriate for people who anticipate an increase in their income during the life of their loan, or who plan on moving in five to seven years.
Features of Adjustable Rate Mortgage Programs:
- Standard 1-month, 3-month, 6-month and 1, 3, 5, 7, 10 year initial fixed interest period with up to 40-year term
- Jumbo 1-month, 3-month, 6-month, and 1, 3, 5, 7, 10 year for loans over:
1-unit: $417,000
2-unit: $533,850
3-unit: $645,300
4-unit: $801,950
- Payments can be reset once a year, twice a year, or monthly dependent upon the program
- Many ARMs have a "cap" on the amount the mortgage interest can rise, to protect you against dramatic increases in interest rates
- Minimum loan balance of $50,000
- Maximum loan balance of $8 million
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