Buying a Home: Loan and Interest Rate Options

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Hello again! Did you know that each loan program offers different options for down payments and loan features for borrowers in all different financial situations? Depending on the loan program you choose, you’ll have to decide on loan terms and features of your loan.

Every loan program has different specifications for loan amortization or life of your loan. Some common options are 30-year, 20-year, and 15-year or ARM adjustable-rate loans.


There are two options when it comes to choosing your loan interest rate: a fixed-rate mortgage or an adjustable-rate mortgage (ARM). Some loan options are only available as fixed-rate loans. I would love to help you decide which is the best option for you.

A fixed-rate mortgage loan is exactly what it sounds like — the interest rate you begin with will remain the same throughout the loan unless you refinance down the road.

An ARM’s interest rate will fluctuate throughout the life of your loan. In general, ARMs have a fixed initial interest rate period, during which the interest rate remains the same. After the fixed initial interest rate period, the interest rate will change. A common ARM structure is the 5/1 ARM, where the fixed initial interest rate period is 5 years, and after that, the interest rate changes annually.

That wraps it up for now.  Please email me at if you have questions.

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Tony Garshnick
Tony Garshnick believes in faith, family and a rock-solid financial foundation. He helps individuals and families across the Carolinas realize the American dream of home ownership in a thoughtful and responsible way. Tony is a mortgage planner with his eye on clients' overall financial picture as much as their home loan. He is also passionate about helping those who make their communities and their country better. In his free time, Tony volunteers at his church and enjoys being with his wife and two daughters.