30 Year, 20 Year, and 15 Year Loans - fixed interest rate and payment for the entire length of the loan.

10 year ARM - fixed interest rate and payment for the first 10 years then adjusting periodically every year after until the end of the loan amortized over 30 years.

7 year ARM - fixed interest rate and payment for the first 7 years then adjusting periodically every year after until the end of the loan amortized over 30 years.

5 year ARM - fixed interest rate and payment for the first 5 years then adjusting periodically every year after until the end of the loan amortized over 30 years.

3 year ARM - fixed interest rate and payment for the first 3 years then adjusting periodically every year after until the end of the loan amortized over 30 years.

1 year ARM - fixed interest rate and payment for the first 1 years then adjusting periodically every year after until the end of the loan amortized over 30 years.

Loan Programs [back to top]

Conforming- Loans meeting all criteria to be purchased by government backed agencies Fannie Mae & Freddie Mac.

Jumbo - Loans outside of the criteria for purchase by Fannie Mae & Freddie Mac. Usually for amounts above $417,000.

Super Jumbo - For loans generally greater than $650,000.

Interest only loans - Loans that charge the borrower interest only and do not require the principal portion of the mortgage making the monthly payment less but keeping the original loan balance the same.

0 point and 0 closing cost options - These loans are set up so that the points and closing costs are paid by the mortgage company or the seller of the property but not by the party financing the property.

Multi unit and non-conforming properties - Properties with more than one dwelling unit or unusual properties that do not meet a standard lender's requirements.

Investment and Vacation property financing - These loans provide financing for second homes, vacation properties, or rental properties.

Adjustable Rate Product Indexes [back to top]

1 year treasury bill index
11th district cost of funds average index (COFI)
12 month treasury average index (MTA)
6 month London Interbank Offered Rate (LIBOR)