Loan Information

Fixed Rate Mortgage: A mortgage whose interest rate remains the same during the entire life of loan. The terms on these are usually 30, 20, or 15 years. The payment remains the same also.
Adjustable Rate Mortgage (ARM): A mortgage whose interest rate adjusts periodically.
Intermediate ARM: Simply put it is a mortgage that adjusts annually or semi-annually after the fixed term expires. These are typiecally 1, 3, 5, 7, or 10 year terms before adjusting, They have an initial start rate usually lower than a 30 year Fixed Rate.
Option ARM: A loan that has a low start rate such a 1% or 2%, but adjusts monthly. The client has the option to pay the lowest payment of 1% or 2%. the can make an interest only payment, or a full payment. Call for details be cause this loan can be risky!
100% Financing: A loan with no down payment designed for certain Borrowers who can qualify without collateral.
Full Documentation (Full Doc): A loan that requires documentation on income (W2's pay-stubs, tax returns, etc), credit and financial statements (checking, savings, 401k, etc).
Stated Income: Some Borrower's can't document their income so they qualify on credit and collateral. This is usually a loan for self employed Borrower's.
EZ Qualify/No Doc: A loan simply based on credit history and collateral or equity in a home.