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  Adjustable Rate Mortgage (ARM)

Interest rate/payments are fixed for an initial period, usually 1-10 years. After the initial period, the rate and payment can change annually, subject to the limitations of the rate caps and floor/ceiling rates.

  Balloon

Fixed monthly payments for an initial period, typically 5 or 7 years. A lump sum, or balloon payment is due at the end of the initial period.

  Fixed Rate

Interest rate and payments are fixed for the life of the loan. Terms of 10, 15, 20, 25, and 30 years are generally available.

  Jumbo Loan

A loan amount greater than the FNMA/FHLMC conforming limit, currently $417,000.

  Subordinate Financing

Do a 1st and 2nd mortgage to eliminate mortgage insurance. Lower your monthly payment and increase your interest deductions.


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