Most Common
Loans
  • Fixed Rate Loans—An excellent way to lock into a low interest rate for the life of your loan.

     
  • Adjustable Rate Mortgages (ARM's)—Flexible loan, with lower initial rates and payments. Please be reminded these loans are not for everyone. For additonal information on adustable mortgages see the "Loan For You" tab on the home page.
     
30 Year Fixed Rate
Borrower Goals Loan Parameters
•  Plan to live in the property over 10 years
•  Like total payment stability
•  Interest rate & monthly payment remain the same for 30 years

15 Year Fixed Rate
Borrower Goals Loan Parameters
•  Plan on staying in property over 10-15 years
•  Want to pay off property faster than 30 years
•  Lower interest rate than 30 year loan
•  Interest rate & monthly payment remain the same for 15 years

5/5 & 5/1 Year semi-fixed rate
Borrower Goals Loan Parameters
•  Plan to live in property approximately 5 to 6 years
•  Like initial payment stability, can accept later changes
•  Interest rate & monthly payment remain fixed for the first 5 years
•  Starting the 6th year, interest rate adjusted every 5 years(for 5/5 ARM) and every year (for 5/1 ARM)

3/3 & 3/1 Year semi-fixed
Borrower Goals Loan Parameters
•  Plan to live in property 3 years or less
•  Like initial payment stability, can accept later changes
•  Interest rate & monthly payment remain fixed for the first 3 years
•  Starting 4th year, interest rate adjusted every 3 years (for 3/3 ARM) and every year (for 3/1 ARM)

Adjustable rate loans
Borrower Goals Loan Parameters
•  Want to take advantage of lowest rate possible
•  Are willing to accept yearly payment changes OR
•  Cannot qualify at higher rate programs
•  Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term
•  Potential higher payments (at maximum interest rate)

                      

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Real Estate Tips Mary Petropoulos REALTOR®, Tierra Antigua Realty Tucson