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Home Loans
We offer a fixed- and adjustable-rate home loan choices for properties in all 50 states, with competitive rates, no pre-payment penalties, and an easy application process. Compare our fixed and adjustable rate home loan options below and then talk to an Affinity Home Finance Consultant, who can help you decide which is the right choice for your personal situation – both in the short- and long-term.
Save an Average of $2,412 on Closing Costs2
With Affinity you can count on low rates and huge savings, including:
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Introducing New 5/5 ARMs
These new ARMs are gaining in popularity versus both Fixed Rates and traditional ARMS - because they offer lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans, and adjust less frequently. The 5/5 ARM is fixed for 5 year intervals over the 30 year term; thereby limiting interest rate risk.
| Fixed-Rate Mortgages | Adjustable-Rate Mortgages (ARMs) | |
|---|---|---|
| Terms Available | 30 year 20 year 15 year 10 year |
NEW!
5/5/10 5/5/15 5/5/20 5/5/30 5/5/40 1/1/30
3/1/30 5/1/30 6/2/30 7/1/30 10/1/30 3/1/40
5/1/40 6/2/40 |
| Definition | Provides an interest rate and monthly payments that remain constant over the life of the loan. | Begins with a fixed interest rate, but can change periodically over the life of the loan when interest rates change. ARMs are named according to their fixed and adjustable rate periods and term. For example, a "5/1/30" is a loan that has a fixed rate for 5 years, and then adjusts each year following, for a total of 30 years term. |
| Advantage | The most predictable loan option, as your monthly mortgage payment (principal and interest) will not change. | Lower initial interest rate, which can help you qualify for a larger loan amount and reduce your monthly payments. |
| Disadvantage | Interest rates are generally a little higher than adjustable rate loans. | Rates (and therefore your payments) can change over the course of the loan term. |
| Is this loan right for me? |
Consider a fixed rate mortgage if:
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Consider an ARM if:
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| Get Started | Apply Now | Apply Now |
1 Rates and terms quoted may change without notice. Actual rates and terms offered are based on individual credit, amount of loan, and loan to home value ratio. Other mortgage programs are available. Based on a home loan amount of $200,000, payments on the 10 year Fixed Rate Mortgage are $1,966.03 at 3.418% APR for 120 months. Payments on the 5/1/30 ARM (Adjustable Rate Mortgage) are $816.48 based on 2.848% APR for the first 60 months, subsequent payments may go up or down based on the variable Annual Percentage Rate (APR) which adjusts annually following the first fixed period. Actual monthly payments may be higher based on tax and insurance payments held in escrow and mortgage insurance payments, if required.
2 Savings is based on a comparison of Affinity's closing costs and the average closing costs on a loan amount of $200,000 for a mortgage for a home purchase in NJ as reported by Bankrate.com's 2010 Mortgage Closing Costs study.
