If you like to think long-term and carefully manage your money, you'll appreciate a fixed-rate mortgage. A fixed-rate loan keeps everything, with your interest rate locked from the start. Your payments will only change if you maintain an escrow account for taxes and homeowner’s insurance—and only if these costs change. Many of our loan programs offer different term lengths, ranging from 10- to 30-year loans.
If you’re planning to sell or refinance your first home in five to 10 years or if you want low monthly payments to start, consider an adjustable-rate mortgage (ARM). ARMs start with a lower rate than a fixed-rate loan, but their rates are subject to market fluctuations after the initial fixed period.