Choosing a Loan Program
The right type of mortgage for you depends on many different factors.
Conventional loans are secured by government sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes, single family to four family homes.
Fixed Rate Mortgages
A loan program where your monthly principal and interest payments never change.
Adjustable Rate Mortgages (ARMs)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Standard ARMs and the Differences
Various types of adjustable rate mortgages.