Types of Mortgages

Fixed Rate Mortgages
Features:: The interest rate on a fixed rate mortgage remains constant over the life of the loan.
Your monthly principal and interest payment will always remain the same through the term of the loan.

    Benefits:
Fixed rate mortgages are especially suited for those who expect to remain in their homes for a number of years.

You can provide a down payment as low as 10% on the purchase price. And, if you don't qualify for the 5% down program, FAIRWINDS has a program that allows a down payment of 3% from your own funds.

    Advantages:
Your mortgage payment is unaffected if interest rates in the general market go up.
Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.; Your monthly principal and interest payment will always remain the same through the term of the loan.

    Benefits:
Fixed rate mortgages are especially suited for those who expect to remain in their homes for a number of years.

You can provide a down payment as low as 10% on the purchase price. And, if you don't qualify for the 5% down program, FAIRWINDS has a program that allows a down payment of 3% from your own funds.

    Advantages:
Your mortgage payment is unaffected if interest rates in the general market go up.
Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Benefits:: Fixed rate mortgages are especially suited for those who expect to remain in their homes for a number of years.

You can provide a down payment as low as 10% on the purchase price. And, if you don't qualify for the 5% down program, FAIRWINDS has a program that allows a down payment of 3% from your own funds.

    Advantages:
Your mortgage payment is unaffected if interest rates in the general market go up.
Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.; You can provide a down payment as low as 10% on the purchase price. And, if you don't qualify for the 5% down program, FAIRWINDS has a program that allows a down payment of 3% from your own funds.

    Advantages:
Your mortgage payment is unaffected if interest rates in the general market go up.
Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Advantages:: Your mortgage payment is unaffected if interest rates in the general market go up.
Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.; Your monthly payments are set, so you can more easily budget your finances.
View current mortgage rates

Adjustable Rate Mortgages (ARMs)
    Feature:
An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Adjustable Rate Mortgages (ARMs)
Feature:: An interest rate that fluctuates over time.
    Benefit:
Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Benefit:: Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others.
    Advantages:
The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Advantages:: The interest rate you pay will generally drop if prevailing interest rates go down.
Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.; Low start rates can reduce your initial payments.
View current mortgage rates

Balloon Mortgages
    Feature:

Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
    Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
    Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Balloon Mortgages
Feature:: Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years.
Benefit:
At the end of the 7 years, you can pay off the mortgage or apply to refinance.
Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Benefit:: At the end of the 7 years, you can pay off the mortgage or apply to refinance.
Advantages:
Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.
Advantages:: Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable.
If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.; If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider.

Home Loan Payment Relief (HLPR) Mortgage

Feature:

A three-year adjustable rate mortgage at one percentage point below the national average for such loans.

After three years, the rate will adjust annually to market rates, with rate adjustments capped at 1% per year, and 5% over the life of the loan.

Benefit:

At the end of the 7 years, you can pay off the mortgage or apply to refinance.

Advantages:

Enjoy home ownership sooner.

Save money with an affordable rate.

Conventional Mortgages
Conventional mortgages are mortgages that are not obtained under a government insured or guaranteed program such as FHA or VA. Some of these loans may also be defined as conventional conforming loans which means they are eligible for purchase by one of the two government chartered corporations created to support the secondary mortgage market. These corporations are the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) and the Federal National Mortgage Association (FNMA or Fannie Mae).

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	Mortgage Center: Types of Mortgages Fixed Rate Mortgages Features: The interest rate on a fixed rate mortgage remains constant over the life of the loan. Your monthly principal and interest payment will always remain the same through the term of the loan. Benefits: Fixed rate mortgages are especially suited for those who expect to remain in their homes for a number of years. You can provide a down payment as low as 10% on the purchase price. And, if you don't qualify for the 5% down program, FAIRWINDS has a program that allows a down payment of 3% from your own funds. Advantages: Your mortgage payment is unaffected if interest rates in the general market go up. Your monthly payments are set, so you can more easily budget your finances. View current mortgage rates Adjustable Rate Mortgages (ARMs) Feature: An interest rate that fluctuates over time. Benefit: Generally, the initial interest rate is lower than that of a fixed rate mortgage. The lender bases its calculations on the index and margin of the mortgage. The index is a base rate that the lender adds to the margin at each adjustment period to determine a new interest rate. Be sure to check the type of index your mortgage lender is using, because some fluctuate more than others. Advantages: The interest rate you pay will generally drop if prevailing interest rates go down. Low start rates can reduce your initial payments. View current mortgage rates Balloon Mortgages Feature: Principal and interest payment remain constant for the term of a balloon mortgage which is usually 7 years, although principal and interest are amortized over 30 years. Benefit: At the end of the 7 years, you can pay off the mortgage or apply to refinance. Advantages: Balloon mortgages are typically offered at lower interest rates than other fixed rate products, making them more affordable. If you know you'll be in your home for less than the term of the mortgage, this may be the product you should consider. Home Loan Payment Relief (HLPR) Mortgage Feature: A three-year adjustable rate mortgage at one percentage point below the national average for such loans. After three years, the rate will adjust annually to market rates, with rate adjustments capped at 1% per year, and 5% over the life of the loan. Benefit: At the end of the 7 years, you can pay off the mortgage or apply to refinance. Advantages: Enjoy home ownership sooner. Save money with an affordable rate. Conventional Mortgages Conventional mortgages are mortgages that are not obtained under a government insured or guaranteed program such as FHA or VA. Some of these loans may also be defined as conventional conforming loans which means they are eligible for purchase by one of the two government chartered corporations created to support the secondary mortgage market. These corporations are the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) and the Federal National Mortgage Association (FNMA or Fannie Mae). Apply Now
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