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Types of Loans

Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate.  The monthly Principal and Interest payments never change over the life of the loan.

Adjustable Rate Mortgages (ARM)
An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes.  An ARM starts with the interest rate being fixed for a set period of time.  Once that time expires, the rate can fluctuate up or down, according to the Margin and Index that the product is tied to. 

Buy Down Mortgage
This option allows the borrower to pay a fee at closing that reduces the initial rate on the loan.  The rate then increases over specified time periods until it reaches the full rate that the loan was initially locked in at.  The fee for this rate will vary depending on the terms of the buy down.

Please contact one of our Mortgage Lenders to review these options for your specific transaction.

Devon Bank
6445 North Western Avenue, Chicago, IL  60645
Direct:  (773) 465-2500
gcolucci@devonbank.com
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