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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly principal and interest payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates may not be that great.

ARM (7/1 ARM, 5/1 ARM ) Portfolio
Our portfolio Adjustable Rate Mortgage (ARM) offer our customers the ability to get a mortgage with reduced income documentation.  This product is ideal for customers who have a good credit score, a larger down payment and unable to document their income thorough traditional methods (W-2  and tax returns).  FAIB uses written Verification of Employment (VOE) to verify the income.  A typical 5.1 ARM will be fixed for 5 years then adjust every 12 months for the next 25 years.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer the fixed rate portion you ask the lender for, the more expensive the initial interest rate.



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