Fixed-Rate Mortgage
The Benefits: With a fixed-rate mortgage, you’ll always know what your monthly principal and interest payments will be. You can also lower your monthly payments by spreading them out over a long period of time.
The Details: For a fixed-rate mortgage, the interest rate is guaranteed to remain fixed for the stated period of the loan. 10-, 15-, 20-, 25-, 30- and 40-year fixed terms available.
Jumbo Mortgage
The Benefits: Jumbo Mortgage loan amounts are available up to $2 million (or more depending on your property location).
The Details: These fixed-rate and adjustable-rate loans are available for up to 40-year terms. They are for amounts greater than conventional limits. Jumbo Fixed (10-, 15-, 20-, 25- and 30- year terms available) Jumbo ARMs (5/1, 7/1 and 10/1 with 10- to 40-year terms available).
Adjustable-Rate Mortgage (ARM)
The Benefits: ARMs offer lower early payments than a fixed-rate mortgage. They may also give you the opportunity to take advantage of lower rates in the future. If you’re planning on owning your home for a shorter period of time, an ARM may be a good option for you.
The Details: For an adjustable-rate mortgage, the interest rate is fixed for 5, 7 or 10 years (based on the chosen ARM product), and becomes variable for the remaining loan term, adjusting every year thereafter, based on the movement of the index. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then convert to an adjustable rate, with annual adjustments for the remaining term of the loan. 5/1, 7/1 and 10/1 ARMs with 10- to 40-year terms available.
DreaMaker Mortgage
The Benefits: Even if you don’t have perfect credit, you may be able to take advantage of Chase DreaMaker mortgages. They offer greater credit flexibility and possible assistance with closing costs.
The Details: These fixed-rate and ARM loans are available for up to 40-year terms and are used to purchase a 1- to 4-unit primary residence. Up to 95% financing is available on 1-unit residences. Up to 40-year terms available.
FHA Mortgage
The Benefits: FHA mortgages include a low down payment and flexibility, if you have “less than perfect” credit.
The Details: FHA fixed-rate and ARMs are loans that are insured by the government. They are used to purchase or refinance 1- to 4-unit properties. FHA Fixed (10-, 15-, 20-, 25- & 30-year terms available) FHA ARMs (5/1 & 7/1 with 30-year term only).