Compare Mortgage Solutions

Not sure whether you need a fixed-rate or adjustable rate mortgage? Check out this side-by-side comparison. Then you’ll be ready to choose the right home-buying solution for you.


Compare first-time mortgage solutions.

 
Description
Monthly Payment
Initial Period
Rate Changes
Benefits
Terms
Owners' Dividend Eligible*

Fixed-Rate
Mortgage

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Description

You get principal plus interest payments that stay the same for the life of your loan.

Monthly Payment

Monthly mortgage payment remains the same for the life of the loan

Initial Period

N/A

Rate Changes

None, rate is the same (fixed) for the life of the loan

Benefits
  • Allows for easier budgeting
  • Protection from rising rates
  • May be a good choice if you plan to stay in your home for a long time
Terms

30, 20, 15, 10 years

Owners' Dividend Eligible

Yes

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Adjustable-Rate Mortgage

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Description

Start out with the lowest possible rate with an Adjustable-Rate Mortgage (ARM). Great option if you're planning to move or refinance your mortgage in the next few years.

Monthly Payment

Monthly mortgage payment will fluctuate after the initial period

Initial Period

Five years (5/6-month ARM), Seven years (7/6-month ARM), or 10 years (10/6-month ARM)

Rate Changes

Rate is fixed for the first five years, seven years, or ten years, then adjusts every six months after that.

Benefits
  • Typically a lower initial rate than on fixed-rate mortgage
  • Interest rate cap limits the amount of potential increase
  • May be a good choice if you expect future income growth or are planning to move or refinance within a few years
Terms

30 years

Owners' Dividend Eligible

Yes

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