Conventional Home Mortgage Loans
Fixed Rate Mortgage Loans
A Fixed-Rate Mortgage means your interest rate and your monthly payment will stay the same throughout the entire term of the loan, regardless of what rates do over the life of your loan. Conventional Fixed Rate Mortgage Loans are typically available in terms of 15, 20 and 30 years.
Adjustable Rate Mortgage Loans (ARMs)
An Adjustable Rate Mortgage (ARM) offers an interest rate that changes during the life of the loan according to movements in an index rate. These loans are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).