Mortgage Options

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Here are a few examples available to borrowers, but they do not reflect all of the options available through Iron Point Mortgage:

  • 3/1 ARM – This loan has fixed payments for the first 3 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
  • 5/1 ARM – This loan has fixed payments for 5 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
  • 7/1 Adjustable Rate Mortgage (ARM) – This loan has fixed payments for 7 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
  • 10/1 ARM – This loan has fixed payments for 10 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.
  • 30-Year Fixed Rate Loan – Payments on 30-year loans are calculated over a period of 30 years and have a fixed interest rate and payment for the life of the loan.
  • 15-Year Fixed Rate Loan – Payments on 15-year loans are calculated over a period of 15 years and have a fixed interest rate and payment for the life of the loan. Payments are higher for this loan than the 30-year fixed rate loan, but it builds up equity more quickly.

Some of these options may be available through the FHA, VA, or USDA loan programs. Most of these options are available through the Conventional Home Loan program. If you have limited funds for a down payment, or are a Veteran, consult with your Loan Officer for the program that fits your individual needs.

For an overview on our products, please take a look at our product page.