Mortgage Types

30-Year Fixed Rate Loan

Payments on 30-year loans are calculated over a period of 30 years and have a fixed interest rate and payment for the life of the loan. If you have limited funds for a down payment or you are a Veteran, ask your loan officer about Gateway Funding's FHA or VA 30-year loan.

15-Year Fixed Rate Loan

Payments on 15-year loans are calculated over a period of 15 years and have a fixed interest rate and payment for the life of the loan. Payments are higher for this loan than the 30-year fixed rate loan, but it builds up equity more quickly.

10/1 ARM

This loan has fixed payments for 10 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.

7/1 Adjustable Rate Mortgage (ARM)

This loan has fixed payments for 7 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years.

5/1 ARM

This loan has fixed payments for 5 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years. If you have limited funds for a down payment or you are a Veteran, ask your loan officer about Gateway Funding's FHA or VA 5/1 Arm loan.

3/1 ARM

This loan type has fixed payments for the first 3 years and then turns into a 1-year ARM, adjusting every year thereafter. The loan payments are calculated over a period of 30 years. If you have limited funds for a down payment or you are a Veteran, ask your loan officer about Gateway Funding's FHA or VA 3/1 Arm loan.