A fixed rate mortgage guarantees the interest rate for the life of your loan. This loan offers a predictable monthly payment which provides you with the repayment of the principal and interest. A long term mortgage offers lower monthly payments and greater buying power, but the interest rate will generally be higher than a short term mortgage. A short term mortgage builds the equity in your home faster. However, monthly payments are approximately 15% to 20% higher per month than with a long term loan.

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With an adjustable rate mortgage (ARM), the interest rate rises and falls with an index tied to market conditions. The loan has an interest rate cap to protect you from substantial increases in market rates and the terms of the mortgage explain how much the rate can be changed over the life of the loan. An ARM can offer you a lower initial interest rate than other loan options, which may help qualify you for a larger loan. The adjustable rate mortgage is also available through short and long-term financing.

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