30 Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. Fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

25 Years, 20 Years, 15 years, or 10 years Fixed Rate Mortgages
These loans offer all the advantages of the 30-year loan, plus a lower interest rate.  The disadvantage with these loans is that you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan faster. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgage
These types of loans are usually fixed for a period of time and then can change at a pre set time frame. These loans are commonly used for people that are trying to save larger amounts of money in a short time period, usually 3 or 5 years. The interest rates on this type of loan are lower than on the standard fixed rate mortgages.

Interest Only Loans
An interest only loan is just what is says, “Interest Only”. A customer will pay interest only on their loan on a monthly basis. Any additional money that is paid against the principal of the home is at the customer’s discretion on a monthly basis. These loans are very appealing to borrowers that are looking to increase their monthly cash flow to use for other purposes such as investing, college education or paying off other debt. This type of mortgage can be either a fixed mortgage or an adjustable rate mortgage. Contact one of our loan officers to discuss options on this program.