Mortgage Rate Options
You have a choice when it comes to how you want to pay the principal and interest on your home loan.
You pay a set interest rate for the lifetime of the loan, and your monthly payment is always the same.
The interest rate on your loan will adjust based on the market and your monthly payment will periodically change.
You pay interest for the first several years of the loan, giving you a lower monthly payment during that period.
Your monthly payment gradually increases over time, allowing you to start off with a lower monthly mortgage.