It is important that you understand the features of your home loan and that it meets your financial needs. Let Amera help you with that decision.
Amera offers a full suite of lending products because we recognize the importance of having the right loan for every situation. Below is a sample of some of the conventional programs available through Amera Mortgage.
Fixed-Rate Mortgage (10 - 40 Year Terms)
We offer our borrowers the choice of 40, 30, 25, 20, 15 and 10-year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and home owner's insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgages may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change.
As an example, a 15year fixed mortgage is fully amortized over a 15 year period and features constant monthly payments. It offers all the advantages of the 30 year loan, plus a lower interest rate and you'll own your home twice as fast and pay less interest than with a 30 year mortgage. But with a 15 year loan, you commit to a higher monthly payment.
Adjustable-Rate Mortgages (3/1, 5/1, 7/1, 10/1 and 1/1 ARM Programs)
An ARM is a mortgage in which the interest rate and payments are not fixed. Instead the rate changes over time according to a formula and pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.
Some ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. So, your monthly payments are lower at first, but then down the road may increase if interest rates go up.
| |
Fixed Rate Loans |
Adjustable Rate Loans |
| Interest Rates |
Interest rate remains the same for the life of the loan
|
Lower introductory rate for a short period of time and then can change periodically |
| Monthly Payment |
Monthly payments of Principal and Interest stay the same for the life of the loan |
Monthly payments are fixed for a period of time and then adjust based on market conditions either up or down |
| Benefits |
Your payment stays the same so it is easier to manage your finances |
An introductory rate that is lower than fixed mortgages. |
| |
Visit the Fixed vs. ARM Mortgage Calculator |
Jumbo Mortgages
Jumbo mortgages are used to purchase high-priced homes that require larger than normal loans. Amera offers both Jumbo ARM and Fixed Rate products for loan amounts starting over $417,000.00.