30-Year Fixed Rate
A loan that has an interest rate that is fixed for the term of 30 years. With the interest rate locked for the term of the loan the corresponding principal and interest payment is fixed for the term and pays the loan in full at the end of the term.

15-Year Fixed Rate
A loan that has an interest rate that is fixed for the term of 15 years. With the interest rate locked for the term of the loan the corresponding principal and interest payment is fixed for the term and pays the loan in full at the end of the term.

7/1 Adjustable Rate Mortgage (ARM)
A loan that has a fixed interest rate, principal and interest payment for the first 7 years. Starting the 8th year the loan reverts to a 1 year adjustable.

5/1 Adjustable Rate Mortgage (ARM)
A loan that has a fixed interest rate, principal and interest payment for the first 5 years. Starting the 6th year the loan reverts to a 1 year adjustable.

3/1 Adjustable Rate Mortgage (ARM)
A loan that has a fixed interest rate, principal and interest payment for the first 3 years. Starting the 4th year the loan reverts to a 1 year adjustable.

1-Year Adjustable Rate Mortgage (ARM)
A loan that has an interest rate that may adjust every 12 months. With the adjustment in the interest rate the corresponding principal and interest payment may adjust. The adjustments in both the interest rate and payment are subject to limitations (caps) both yearly and overall as established at the inception of the loan. The term of the loan is typically 30 years and the initial interest rate is usually lower than a 30-year fixed rate loan.

COFI Adjustable Rate Mortgage (ARM)
An adjustable loan with a Cost of Funds Index. This loan typically has a very low initial interest rate and monthly payment. Interest rate and payments are adjusted every 12 months subject to established limitations. These loans also offer the customer options as to the amount they wish to pay each month. Terms can be up to 40 years.

MTA Adjustable Rate Mortgage (ARM)
An adjustable loan with a Monthly Treasury Average index. This loan typically has a very low initial interest rate and monthly payment. Interest rate and payments are adjusted every 12 months subject to established limitations. These loans offer the customer options as to the amount they wish to pay each month. Terms can be up to 40 years.

Conforming Loans
Loans $275,000 and below that meet the requirements set forth by Federal National Mortgage Association and/or the Federal Home Loan Mortgage Corporation.

Jumbo Loans
Loans in excess of $275,000 but less than $650,000.

Super Jumbo Loans
Loans in excess of $650,000.

VA Loans
Loans made by lenders that are guaranteed by the Veterans Administration for veterans. The veteran must have their VA Eligibility Certificate and plan to live in the home. The benefits are a lower down payment and cost requirements.

FHA Loans
Loans which are insured by the Federal Housing Administration, a division of Housing and Urban Development of the federal government. There are loan limits dependent upon the location of the property. The advantages to an FHA loan are lower down payment requirements and typically easier qualification requirements.

Full Document Loans
A loan where all income, assets, credit and collateral are verified in written form.

NIV Loans
A loan, which for qualification purposes, whereby income is not verified. The loan is underwritten based on credit, assets, and collateral information. These loans usually have restrictions concerning loan amount and have credit requirements. These loans also typically have a higher interest rate.