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The following is information on Mortgage Store’s various loan products:
15, 20, 25 30 and 40 Year Fixed
- Amortized loan with a fixed interest rate for the specified number of years
- Payments include principle reduction and interest
30 Year Fixed with Interest Only for First 10 Years
- Fixed interest rate for 30 years
- First 10 years is an interest only payment
- Following 20 years is an amortized payment
Adjustable Rate Mortgages (ARMs)
- Amortized loan with a fixed interest rate for a given number of years
- Interest rate adjusts every 1 year or 6 months thereafter
- Adjusted rate is based on a margin (set by lender) and typically the LIBOR
Interest Only ARMs
- Interest only loan with a fixed interest rate for a given number of years
- Interest rate adjusts every year 6 months or year thereafter and payment becomes amortized
- Adjusted rate is based on a margin (set by lender) and typically the LIBOR
