FIXED: 30yr, 25yr, 20yr, 15yr, 10yr

Fixed Rate: a loan with one set interest rate for the entire term of the loan.

ARM: 1yr, 3yr, 5yr, 7yr, 10yr

Adjustable Rate Mortgage: Rates are fixed for 1-3-5-7 years. Rate will adjust according to current rates after your 1-3-5-7 years is up.

* 3/1 - Rate fixed for 3 years and still have loan, loan will adjust according to rates. Rate can go up 2% per year with a lifetime cap of 6%.

* 5/1 - Rate fixed for 5 years and still have loan, loan will adjust according to rates. Rate can go up 2% per year with a lifetime cap of 5%.

* 7/1 - Rate can go up 5% first year and 2% annual cap after that with a lifetime cap of 5%.

BALLOON: 7/23, 5/25

Conforming Loans: loans that do not exceed the maximum loan amount and LTV limitations established by FNMA or FHLMC.

Balloon: Rate is fixed for 7 years at end of the period, you have the choice to either refinance the balance or extend your loan for 23 years at a margin of 1/2%
* Rate is extended for a one time fee of $350

Fixed rates available on both FHA and VA programs for 30, 25, 20 & 15 year loans.

ARM products are as follows:
FHA: 1year ARM  
VA: 1year and 3/1 ARM loan available

**2/28 and 3/27 loans are fixed for the 2 or 3 year period and adjust per market conditions every 6 months for the remaining life of the 30 year term of the mortgage.

**Pre-payment penalties apply according to individual state specific rules and regulations.