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Types of Loans

Thirty-Year Fixed Rate Mortgage*
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage*
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgage (3/1 ARM, 5/1 ARM, 7/1 ARM)
A mortgage loan subject to changes in interest rate. When rates change, the interest rate (an therefore the monthly payment) on an ARM loan can increase or decrease at intervals determined by the index and margin. The change in interest rate, however is usually subject to a periodic and lifetime cap.


*tax and insurance payments subject to change 
Everett Abicht, Regional Manager
On Q Financial, Inc.
615 S River Dr, Tempe, AZ  85281
Direct:  (360) 205-4453
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