Video transcript: Rates and terms

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Note:

This video uses text, infographics, and animated illustrations to reinforce spoken content.

Light music plays.

On screen:

Rates and terms

On screen:

The Chase octagon symbol.

On screen:

A large modern house. A timeline shows a range of 10 to 30 years.

Narrator:

Choosing the loan that's right for you is an important step in the home buying process. Mortgage loans typically have to be paid back in full within 10 to 30 years and the amount of interest you'll pay varies.

On screen:

An indicator appears on the timeline, showing a monthly payment amount. As the indicator moves toward "10 years," the payment amount increases. The payment indicator then moves toward "30 years" and the amount decreases.

Narrator:

The shorter your loan term, the higher your monthly payment may be. While longer loan terms could mean lower monthly payments, but more interest over the life of the loan.

As you explore your options, think about your down payment and your monthly budget, and plan accordingly. You'll also want to consider whether a fixed-rate mortgage or an adjustable-rate mortgage, or ARM, is right for you. There are pros and cons to both. A fixed-rate mortgage has a consistent interest rate for the life of your loan, so your monthly payment will be more predictable, but the interest rate may be higher than an adjustable rate mortgage.

On screen:

Fixed Rate Mortgage

Consistent interest rate;
Predictable payments;
(also) Potentially higher rate.

Narrator:

An adjustable-rate mortgage, or ARM, has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts periodically. While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends. There are rate caps that limit how much your interest rate can rise but you'll want to prepare for some flexibility in your payment.

On screen:

Adjustable-rate mortgage (ARM)

Lower initial rate, then adjusts periodically;
Payment could increase;
(also) Prepare for payment flexibility.

Narrator:

Choosing the right loan takes careful consideration. We can help you take the first step and get pre-qualified today.

On screen:

The couple sits at the Chase branch, meeting with their Home Lending Advisor.

Logo:

The Chase octagon symbol.

On screen:

Chase. Make More of What's Yours (registered trademark).

Note:

Legal disclosures appear.

On screen:

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products provided by JPMorgan Chase Bank, N.A.