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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.

FHA/VA/USDA
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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