Type Of Loan
Type Of Loan
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- Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
2. Adjustable Rate Mortgages (ARM)
2. Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
3. Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1, 10/1 ARM)
3. Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
4. FHA Loans
4. FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
EZ Access Mortgage LLC is not affiliated or endorsed by the government or Federal Housing Administration.
5. VA Loans
5. VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans with DD-251 benefits offer a no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
EZ Access Mortgage LLC is not affiliated or endorsed by the government or the Department of Veterans Affairs.
6. Interest Only Mortgages
6. Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time. This type of loan is used mostly for investment purposes because the rates tend to be higher but are also offered for primary residence.
7. Components of an ARM
7. Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
8. Commonly Used Indexes for ARMs
8. Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
9. What Kind Of Loan Program is for you?
9. What Kind Of Loan Program is for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is for you will depend largely on your unique circumstances, and there is no one correct answer.
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For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
EZ Access Mortgage LLC does not make any mortgage loan commitments or fund any mortgage loans under advertised program. EZ Access Mortgage LLC arranges loans with third-party providers.
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