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What kind of loans are there? 30 Years Fixed This loan has a fixed rate for the entire 30 year term of loan. The payment remains constant and the borrower pays off the loan in 30 years. This is one of the most stable, lowest risk programs available. 20 Years Fixed This loan has a fixed rate for the entire 20 year term of the loan. The payment is higher than the 30 Years Fixed, but remains constant and the borrower pays off the loan in 20 years. This is one of the most stable, lowest risk programs available. 15 Years Fixed This loan has a fixed rate for the entire 15 year term of the loan. The payment is higher than the 30 and 20 Years Fixed, but remains constant and the borrower pays off the loan in 15 years. This is one of the most stable, lowest risk programs available. 10 Years Fixed This loan has a fixed rate for the entire 10 year term of the loan. The payment is higher than the 30, 20 and 15 Years Fixed, but remains constant and the borrower pays off the loan in 10 years. This is one of the most stable, lowest risk programs available. 7/1 ARM This is a popular program among borrowers planning to keep the loan more than five but less than seven years. The interest rate is fixed for the first 84 months of the loan's 30 year term. At the end of the 84 months, the interest rate adjusts to the lower of: |