Rate Type Options
Residential mortgages offer several different rate types that you may choose from, including: Fixed Rate, Adjustable Rate (ARM) and Interest-Only ARM loans. A loan specialist at 1st Mariner Mortgage can help you determine the loan rate type that suits your individual needs and goals.
Comparison Chart: Rate Types
Take a look at the following chart to see how the four basic loan rate types differ from one another.
|
|
Rate Type |
Interest Rate |
Monthly Payment |
Equity Building (through loan payments)
|
|
Fixed-Rate |
Fixed-Rate |
Lower-Average |
Average-Higher |
Average-Accelerated Equity Building |
|
ARM |
Adjustable |
Lower |
Lower for initial fixed period, then varies |
Average Equity Building |
|
Interest-Only ARM |
Adjustable |
Lower |
Significantly lower for initial fixed period, then varies |
No Equity Building During Interest Only Period |
Request a Free Consultation or Apply Today
Find out how 1st Mariner Mortgage can help you with your residential mortgage. If you are interested in a VA loan, contact our VA loan specialists to learn more today. Our representatives are ready to assist you.