FIXED RATE MORTGAGE
A fixed-rate mortgage features an interest rate that remains the same throughout the life of the loan — which means both your monthly principal and interest payment will be steady and predictable.
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ADJUSTABLE RATE MORTGAGE (ARM)
An adjustable-rate mortgage (ARM) features a variable interest rate that is applied on the outstanding balance throughout the life of the loan, depending on various factors. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time, and then resets periodically at set intervals based on a benchmark or index, plus a margin. An ARM is helpful for someone taking out a mortgage during a period of low interest rates, especially if the ARM has a relatively longer fixed-rate period.
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HOME EQUITY LOAN (2ND MORTGAGE)
A home equity loan is a fixed-term loan based on the equity in your home. These loans are often referred to as second mortgages. They feature an interest rate that remains the same throughout the life of the loan — which means both your monthly principal and interest payment will be steady and predictable.
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HOME EQUITY LINE OF CREDIT (HELOC)
A home equity line of credit (HELOC) is a variable-rate loan based on the equity in your home. They feature a credit limit, similarly to a credit card, that allows you to borrow up to a certain amount, rather than a set dollar amount. This gives you more flexibility than a fixed-rate home equity loan. HELOCs have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate, the term remaining, and how much credit you have used.
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FIXED RATE MORTGAGE
A fixed-rate mortgage features an interest rate that remains the same throughout the life of the loan — which means both your monthly principal and interest payment will be steady and predictable.
Learn More Apply Now
ADJUSTABLE RATE MORTGAGE (ARM)
An adjustable-rate mortgage, or ARM, features an interest rate that can be increased or decreased from time to time, depending on various factors. An ARM is helpful for someone taking out a mortgage during a period of low interest rates, especially if the ARM has a relatively longer fixed-rate period.
Learn More Apply Now
FIXED RATE MORTGAGE
A fixed-rate mortgage features an interest rate that remains the same throughout the life of the loan — which means both your monthly principal and interest payment will be steady and predictable.
Learn More Apply Now
