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Types of Loans
  • Fixed Rate Loans—An excellent way to lock into a low interest rate for the life of your loan.

     
  • Adjustable Rate Mortgages (ARM's)—The flexible loan, with lower initial rates and payments.

     
  • Initial Fixed Rate Loan—Start with a rate generally lower than standard fixed rate loans.
30 Year Fixed Rate
Borrower Goals Loan Parameters
•  Plan to live in the property over 10 years
•  Like total payment stability
•  Interest rate & monthly payment remain the same for 30 years

15 Year Fixed Rate
Borrower Goals Loan Parameters
•  Plan on staying in property over 10-15 years
•  Want to pay off property faster than 30 years
•  Lower interest rate than 30 year loan
•  Interest rate & monthly payment remain the same for 15 years

10/1 Year semi-fixed
Borrower Goals Loan Parameters
•  Plan to live in property approximately 10 to 12 years
•  Like initial payment stability, can accept interest rate change later
•  Interest rate & monthly payment fixed for the first 10 years
•  Starting the 11th year, interest rate adjusted every year, so payment is subject to change every year for remainder of loan

7/23 (2-Step) or '30/7 + 23'
Borrower Goals Loan Parameters
•  Plan to live in property approximately 7 to 8 years
•  Can tolerate one payment adjustment
•  Interest rate & monthly payment fixed for the first 7 years
•  Conversion option: On the 8th year, interest rate adjusted to reflect prevailing fixed interest rates, resulting payment will remain the same for remainder of loan

7/1 Year semi-fixed rate
Borrower Goals Loan Parameters
•  Plan to live in property approximately 7 to 8 years
•  Like initial payment stability, can accept change later
•  Interest rate & monthly payment fixed for the first 7 years
•  Starting the 8th year, interest rate adjusted every year, so payment is subject to change every year for remainder of the loan

5/25 (2-Step) or '30/5 + 25'
Borrower Goals Loan Parameters
•  Plan to live in property approximately 5 to 6 years
•  Can tolerate one payment adjustment
•  Interest rate & monthly payment remain fixed for the first 5 years
•  Conversion option: On the 6th year, interest rate adjusted to reflect prevailing fixed interest rates, resulting payment will remain the same for remainder of loan

5/5 & 5/1 Year semi-fixed rate
Borrower Goals Loan Parameters
•  Plan to live in property approximately 5 to 6 years
•  Like initial payment stability, can accept later changes
•  Interest rate & monthly payment remain fixed for the first 5 years
•  Starting the 6th year, interest rate adjusted every 5 years(for 5/5 ARM) and every year (for 5/1 ARM)

3/3 & 3/1 Year semi-fixed
Borrower Goals Loan Parameters
•  Plan to live in property 3 years or less
•  Like initial payment stability, can accept later changes
•  Interest rate & monthly payment remain fixed for the first 3 years
•  Starting 4th year, interest rate adjusted every 3 years (for 3/3 ARM) and every year (for 3/1 ARM)

Adjustable rate loans
Borrower Goals Loan Parameters
•  Want to take advantage of lowest rate possible
•  Are willing to accept yearly payment changes OR
•  Cannot qualify at higher rate programs
•  Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term
•  Potential higher payments (at maximum interest rate)

Arthur Broslat REALTOR®, Sandals Realty Sarasota
Arthur Broslat
REALTOR®

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