Melissa Stashin

Senior Mortgage Banker/
Branch Manager
NMLS #40033
Lake Oswego Branch
2 Centerpointe Drive,
Suite 500
Lake Oswego, OR 97035
Phone: (503) 670-0525
Cell: (971) 221-5656
Fax: (503) 670-0674
Email

Types of Home Loan Products

· Adjustable Rate Mortgage (ARM)
· Fixed Rate Mortgage

To assist in understanding what financing options are available to homeowners or homebuyers, a quick guide to commonly used terms and references is available in the lower portion of this webpage.

Adjustable Rate Mortgage (ARM) - An ARM is a loan that adjusts periodically after an initial fixed-rate period, typically to a term of thirty years. The fixed-rate period can last anywhere from one month to ten years, and can adjust at different intervals (every month, every six months, every year) depending on the program. After the fixed-rate period is over, the ARM adjusts to the total of the margin (a fixed number) and the index (an adjustable number), to arrive at the 'fully-indexed' rate. The index can vary month to month, and the specific index (T-bill, LIBOR, etc.) used will be determined by the loan program that you have selected. Certain ARM programs allow for an interest-only payment option - check with your Mortgage Banker for details.
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Fixed Rate Mortgage - A fixed-rate mortgage is just that - a fixed interest rate that does not change during the life of your loan. The most common fixed-rate loans have a term of 15 or 30 years, but also available are 10, 20, and 25 year fixed-rate mortgages as well.
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