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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 Fixed-Rate, Adjustable Lower Significantly lower for initial fixed period, then varies No Equity Building During Interest Only Period

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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.

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