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10/1 Arm:
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30 year Adjustable rate loan who's initial rate is
fixed for one year then is adjustable for twenty nine more years.
The rate is then adjusted every twelve months.
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2/28:
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30 year Adjustable rate loan who's
initial rate is fixed for two years then is adjustable for twenty eight more years.
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3/1 Arm:
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30 year Adjustable rate loan who's
initial rate is fixed for three years then is adjustable for twenty seven more years.
The rate is then adjusted every twelve months.
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3/27:
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30 year Adjustable rate loan who's
initial rate is fixed for three years then is adjustable for twenty seven more years.
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360/180:
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A fifteen year loan that has the
payment of a thirty year loan. At the end of fifteen years any amount still
owed on the loan is due in full in one single balloon payment.
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5/1 Arm:
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30 year Adjustable rate loan who's
initial rate is fixed for five years then is adjustable for twenty five more years.
The rate is then adjusted every twelve months.
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5/25:
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A five year loan that has the payment
of a thirty year loan. At the end of five years any amount still owed on the loan is
due in full in one single balloon payment.
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7/1 Arm:
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30 year Adjustable rate loan who's
initial rate is fixed for seven years then is adjustable for twenty three
more years. The rate is then adjusted every twelve months.
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5/25:
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A five year loan that has the
payment of a thirty year loan. At the end of five years any amount still owed on
the loan is due in full in one single balloon payment.
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Home Loans
