Understanding Conventional Mortgages

Find all your questions about Mortgages answered here!

Fixed Rate Mortgages*

A fixed rate mortgage is a mortgage loan that has a fixed interest rate for the entire term of the loan. With this type of loan your interest rate and payments will be consistent throughout the duration of your loan. You’ll never have to worry about your interest rate increasing. Fixed rate mortgages are available in a variety of term lengths ranging from 10 years to 30 years.

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Adjustable Rate Mortgages (ARMs)*

An ARM may save you money on your loan, and might be a great option for someone who only plans on living in their home for a few years. ARMs are available in a variety of configurations and term lengths, the most common are 5/1, 7/1 and 10/1; the first number represents the number of years the interest rate on your mortgage will remain fixed. The second number represents how often the interest rate will change after the fixed rate period expires (in this case, it may adjust annually). Also referred to as the adjustment period. During the adjustment period your rate may increase or decrease which will make your monthly payments higher or lower.

*All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.

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We know you have many  lenders to choose from, but as the one of the fastest growing mortgage companies in the country and one that offers many other lending options, Nationwide Mortgage Bankers is your best option for a smooth application process from start to finish. Please contact us today.

Finding the right lender…

Since you might have your mortgage for up to 30 years, it’s important to make sure you’re aligning yourself with a knowledgeable, approachable lender. Especially as a first-time buyer, you will feel more at ease working with a bank you can trust.
At Nationwide Mortgage Bankers, we strive to provide our borrowers with a transparent, personalized experience. For more information on the mortgage process, or to find out more about our mortgage products, view our diverse offering of Services, and Get Started on your home loan preapproval application today.