Will my payment change over time?

Your loan payment may change over time, depending on the type of loan you have.

  • Fixed-Rate Mortgage: No – Your principal and interest stay the same.
  • Adjustable-Rate Mortgage (ARM): Yes – Your rate and payment may change after a set period.
  • Interest-Only Loan: Yes – Your payment will increase when you start repaying the principal.
  • Balloon Loan: Yes – You’ll owe a large lump sum at the end.

Even with a fixed-rate mortgage, your payment can still vary. While your principal and interest won’t change, your monthly payment can increase if:

Are your ready to take the next step in financing your future home? Talk to an expert by filling out the form below.