When considering loan programs, the first decision is usually if you prefer a fixed rate mortgage or adjustable rate mortgage. For example, a 15-year fixed rate mortgage can save you thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could increase when the interest rate changes.
Use this comparison table to help you determine your preference. After you decide, visit the Types of Loans section to learn more about the features and benefits of fixed rate or adjustable rate loan programs.