CenterState Bank, NA

NMLS# 403455

415 Meridian St
Huntsville, Alabama 35801


256-564-7628


tjbyrne@centerstatebank.com

Tim Byrne 

NMLS 251519

www.nmlsconsumeraccess.org

  • Zillow

©2019 by The Tim Byrne Team  

Conventional Loan Fixed Rate

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. Down payment requirements start at 5%. This loan requires PMI if you do not put down 20%. 

Adjustable Rate Mortgages (ARM)

Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs. The loan is fixed for the first 3 / 5/ 7 / or 10 year period depending on which term you go with. Once the fixed term ends, then the rate can adjust every year up to a maximum cap. The cap is disclosed with the rate. 

If you have a unique situation and want to ask some questions,

feel free to email or call me.