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Types of Loans

Fixed Rate Mortgage
This  traditional mortgage has loan terms between 8 years and 30 years with  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. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, 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.

Adjustable Rate Mortgage (1/1, 3/1, 5/1, 7/1, 10/1)
These increasingly popular ARMS can offer the best of both worlds: lower interest rates and a fixed payment for a longer period of time.  For example, a "5/1 ARM" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

These govenment loan types allow for flexible credit, underwriting standards and low closing costs. These loan types offer Fixed and adjustable-rate products, with low to no down payment. Competitive rates on new home purchases and refinance.

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