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​Common Types of Mortgage Loans

Types of Mortgage Loans

• 30 Year Fixed Payments are fixed for 360 months. The interest rate is unchanged throughout the life of the loan.

• 20 Year Fixed Payments are fixed for 240 months. The interest rate is unchanged throughout the life of the loan.

• 15 Year Fixed Payments are fixed for 180 months. The interest rate is unchanged throughout the life of the loan.

• 10/1 or 10/6 Adjustable Rate (ARM) This is a 30 year loan. Payments are fixed for the first ten years (120 payments).
After 10 years,  the loan automatically converts to a 1-year or 6-month ARM for the remaining term.

7/1 or 7/6 Adjustable Rate (ARM) This is a 30 year loan. Payments are fixed for the first seven years (84 payments).
After 7 years, the loan automatically converts to a 1-year or 6-month ARM for the remaining term.

5/1 or 5/6 Adjustable Rate (ARM) This is a 30 year loan. Payments are fixed for the first five years (60 payments).
After 5 years,  the loan automatically converts to a 1-year or 6-month ARM for the remaining term.

​3/1 or 3/6 Adjustable Rate (ARM) This is a 30 year loan. Payments are fixed for the first three years (36 payments).
​After 3 years,  the loan automatically converts to a 1-year or 6-month ARM for the remaining term.
CA DRE No. 02004330 • NMLS​ No. 2078004  
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  • Home
  • Services
    • Purchase
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  • About
    • Team
  • Contact
  • Resources
    • Forms & Documents
    • Mortgage Calculator
    • Glossary
    • Types of Loans