types of arm loans

ADJUSTABLE-RATE. With an adjustable-rate mortgage (ARM), your rate may change based on national rate indexes (within certain limits). Adjustable-rate home loans have an initial fixed rate period after which the rate will adjust at stated periods.

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Adjustable-rate mortgages (ARMs) typically include several kinds of caps that control how your interest rate can adjust. There are three kinds of caps: Initial adjustment cap.

Typical index rates that are associated with ARMs are LIBOR (London Interbank Offered Rate), COFI (11 District Cost of Funds), T-Bill (U.S. Treasury Bill) and cmt (constant maturity treasury), etc. A margin is a fixed percentage rate that you add to your index rate to obtain the fully indexed rate for an adjustable-rate mortgage.

Types of Loans: Prosperity Bank. Mortgage Loan Products. At Prosperity Bank, we offer a variety of Mortgage products. Our experienced group of mortgage professionals is committed to providing you with the mortgage product that fits your needs. To ensure that you are aware of the possible choices in financing, below is a description of the mortgage products offered by Prosperity Bank.

conventional loan rates 2016 Mortgage Rate Charts – 30 & 15 Year Trend Graphs – View historical mortgage interest rates for 30-yr & 15-yr fixed rates and 7-yr ARM rates along with the latest trend news.

Consumers and businesses can take out loans for a variety of reasons. Click to learn what the differences are between common loan types.

Conventional loans are a popular mortgage option, even for first-time home buyers. But it may surprise you to learn there’s more than one type of conventional loan.

Adjustable Rate Mortgages. Variable or adjustable loan is loan whose interest rate, and accordingly monthly payments, fluctuate over the period of the loan. With this type of mortgage, periodic adjustments based on changes in a defined index are made to the interest rate. The index for your particular loan is established at the time of application.

Adjustable rate mortgages can save you money on interest. Learn the pros and cons and choose the best lender for your financial situation.

 · The main difference between a conventional loan and other types of mortgages is that a conventional loan isn’t made by or insured by a government entity. They’re also sometimes referred to as non-GSE loans-not a non-government sponsored entity.

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An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate and your payments are periodically adjusted up or down as the index changes.

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