Fixed Rate Mortgages: The interest rate for this loan will remain the same for the life of the loan or the term. The payment is constant for the duration of the loan. With each monthly payment, you repay a portion of the principle plus the monthly accrued interest. The Terms for Fixed Rate Mortgages generally are either 30, 20,or 15 years, although many lenders are now offering 40 & 50 year options. (The monthly payments paid for the entire term of the loan pay off the property in full.) There are 2 types of fixed rate loans, Conforming or Jumbo. The industry has determined that a conforming loan is any amount under $417,000.00 and that a non-conforming or jumbo is any amount above the $417,000.00. The interest rates for a non-conforming loan are slightly higher than conforming. Adjustable Rate Mortgages: An ARM is an adjustable rate mortgage and differ from the fixed rate mortgage. The interest rate and the monthly payment are fixed for a short period of time but are still amortorized over a 40,30,20,or 15 year term. Most adjustable rate mortgages are fixed for a period of 3, 5 or 7 years. After this fixed period they will adjust annually. These loans due come with some level of comfort for the Borrower in that they have a life cap. These caps limit the amount by which the ARM interest rate can adjust. Interest Only Adjustable Rate Mortgages: This type of mortgage allows you to pay only the interest portion of the payment for a fixed period of time. Most of these loans have a fixed period of 3,5,or 7 years. When this fixed period is completed you will begin to pay the principal and interest over the remaining term of the loan. You always have the option of making more than the minimum payment and having it applied towards the principal. The lender will then recast (re-calculate) the payment based on the remaining balance. REVERSE MORTGAGES: A \\\\\\\"reverse\\\\\\\" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways: - all at once, in a single lump sum of cash; - as a regular monthly cash advance; - as a \\\\\\\"creditline\\\\\\\" account that lets you decide when and how much of your available cash is paid to you; or - as a combination of these payment methods. No matter how this loan is paid out to you, you typically do not have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must equity in your home and be 62 years of age or older. LET THE LOAN EXPERTS AT EXPRESS MORTGAGE LENDERS FIND THE RIGHT LOAN FOR YOU! Express Mortgage Lenders - Still Your Lending Solution.