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Types of Loans

Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change.  We offer a 30, 20, 15 and 10 year fixed rate mortgage.   This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgages  ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1, 7/1 - can offer the best of both worlds: lower initial interest rates and a fixed payment for the initial period you select. For example, a "5/1 loan" has a fixed monthly P&I payment and interest rate for the first five years and then turns into a traditional adjustable-rate loan, adjusting annually,  for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Chesapeake Bank offers a variety of other loan products, including FHA, VA, Construction Perms and Lot Loans.  Please call for details on our other loan programs.

 

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CHESAPEAKE BANK OF MARYLAND - NMLS# 402427
2001 E. JOPPA ROAD, BALTIMORE, MD  21234
Direct:  (410) 665-2735
Fax:  (443) 588-0055
ibmanager@chesapeakebank.com
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