Any home loan that is not a standard fixed-rate mortgage. This includes ARM's, reverse mortgages and jumbo mortgages.
A loan that is other than the standard fixed-rate mortgage, ie a non-conforming loan. An alternative mortgage may vary in interest rate, maximum loan amount, or loan-to-value ratio.
a loan with payment features, such as variable interest rates or balloon payments, that vary from conventional fixed-rate, fixed-term mortgage loans
Products 7/23 and 5/25 mortgagesāMortgages with a one-time rate adjustment after seven years and five years respectively.
Any home loan that does not conform to a standard fixed-rate mortgage.
Any home loan that does not fall into the category of a standard fixed-rate mortgage.
A home loan program that does not conform to standard fixed-rate mortgage terms.
When a home loan is not a standard fixed-rate mortgage, it is considered an alternative mortgage.