Loan Programs

Which Mortgage Program is Right for You? There are numerous different types of home loans available to you; luckily, YiElite Financial is here to help you choose the best type of home loan for your needs. Your needs are our pursuit of excellence.


  • A fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan.
  • Once locked in, the interest rate does not fluctuate with market conditions.
  • Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages.
  • Most fixed-rate mortgages are amortized loans.
  • In contrast to fixed-rate mortgages are adjustable-rate mortgages, whose interest rates change over the course of the loan.


  • An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
  • When rates go up, ARM borrowers can expect to pay higher monthly mortgage payments.
  • The ARM interest rate resets on a pre-set schedule, often yearly or semi-annually.
  • With adjustable-rate mortgage caps, there are limits set on how much the interest rates and/or payments can rise per year or over the lifetime of the loan.


  • An interest-only mortgage is one where you solely make interest payments for the first several years of the loan, as opposed to your payments including both principal and interest.
  • Interest-only payments may be made for a specified time period, may be given as an option, or may last throughout the duration of the loan (mandating you pay it all back at the end).
  • Usually, interest-only loans are structured as a particular type of adjustable-rate mortgage.
  • While interest-only mortgages mean lower payments for a while, they also mean you aren’t building up equity, and mean a big jump in payments when the interest-only period ends.

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