Rate & Amortization Options

A real estate agent explains mortgage options to clients in an office setting.

Adjustable-Rate Mortgages (ARM)

Adjustable-rate mortgages offer an initial fixed-rate period followed by rate adjustments based on market conditions. Common options include 5/1, 7/1, and 10/1 ARMs.

Advantages

  • Lower initial interest rates
  • Reduced payments during the initial fixed period
  • May allow higher loan qualification

Considerations

  • Payments may change over time
  • Best suited for borrowers planning to refinance or sell before adjustments
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Fixed-Rate Mortgages

Fixed-rate mortgages offer consistent interest rates and predictable monthly payments throughout the life of the loan.

Advantages

  • Stable monthly payments
  • Protection from rising interest rates
  • Available in multiple term lengths
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