The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change.
An adjustable-rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. We offer ARM loans with a Note Rate fixed for the first 1, 3, 5, or 7 years of the loan. Your rate and payment will then adjust annually for the remaining loan term.
A construction-to-permanent loan combines construction financing and mortgage financing into one loan. Your construction financing simply converts to a permanent mortgage when your house is finished. Since there is one loan, there is one closing.
A construction loan is a short-term loan used to fund the building of your home. Interest-only payments are due during construction. At the end of the construction process, when the house is complete, you will need to apply for a new loan to pay off the construction loan.