Our Portfolio Residential Mortgage is designed to cater to diverse financial strategies with two distinct interest rate structures:
• 1-Year Fixed/Adjustable Rate (or 1/1 ARM) with a 10-Year Balloon Payment: This option offers a fixed interest rate for the first year, providing initial payment stability. After the first year, the interest rate adjusts annually according to market conditions. The loan is structured to end with a balloon payment after 10 years, where the remaining balance of the mortgage is due.
• 3-Year Fixed/Adjustable Rate (or 3/1 ARM) with a 10-Year Balloon Payment: Alternatively, for those seeking a longer period of rate stability, we offer a fixed interest rate for the first three years. Following this, the rate adjusts annually based on market trends. Like the first option, this mortgage concludes with a balloon payment after 10 years, covering the remainder of the loan.