Chevy Chase Bank Personal Borrowing - Mortgages: Traditional Mortgages

Personal Borrowing Mortgages Traditional Mortgages

At Chevy Chase Bank, we offer a full suite of traditional home financing products to meet your particular needs. And, with Home Loan Express - our new fast, easy and secure mortgage application service - you can apply online for a mortgage, and in minutes, you’ll have a pre-approval decision on a wide variety of mortgage products.

Adjustable-Rate Mortgages
Fixed-Rate Mortgages
7/23 Balloon Mortgages

Adjustable-Rate Mortgages, also called ARMs, provide an initial fixed-rate period followed by an interest rate and payment that periodically adjusts based on the current interest rate environment. This allows you to realize the benefits of lower interest rates and payments in a falling interest rate environment. The initial interest rate on this type of loan is typically lower than the interest rate on a fixed-rate mortgage. ARMs are offered for fixed periods of three, five, seven or ten years and you can choose from an annual or semi-annual adjustment period.

Adjustable-Rate Mortgages are recommended to borrowers who:

Seek extra borrowing power, based on a lower initial payment than is typically available with a fixed-rate mortgage
Want to take advantage of a lower monthly payment to save money
Plan to refinance or sell their property in a few years

Complete a Home Loan Express online application now or apply by calling us at 301-987-BANK or 1-800-987-BANK (out of area). Our mortgage advisors are available 7 days a week from 7:00 am to 11:00 pm EST. If you would prefer that we contact you, please complete our online request form.

Fixed-Rate Mortgages offer the same interest rate and monthly payments throughout the entire life of the loan. Typically, the longer the term of the loan, the lower the monthly payments will be. With a shorter term, you will have higher monthly payments. However, you will realize a savings in the amount of interest you will pay over the life of the loan. Chevy Chase Bank offers fixed rate mortgages with 10, 15, 20, 25 or 30-year terms. For jumbo loans (loans greater than $417,000), we offer 15 and 30-year terms.

Fixed-Rate Mortgages are recommended to borrowers who:

Look for predictable monthly payments over the entire life of the loan
Are willing to pay a higher interest rate in return for protection against the possibility of rising interest rates
Are interested in building equity in their property through monthly principal and interest payments

7/23 Balloon Mortgages (also known as fixed-to-adjustable rate mortgages) offer a lower initial interest rate than a fixed-rate mortgage while still providing the security of a fixed rate and payment guarantee for a set number of years. Chevy Chase Bank offers a 7/23 balloon mortgage loan which is fixed for the first seven years. At the end of this term, you may choose to either pay the remaining balance or refinance to a 23-year fixed rate mortgage at then current market rates.

7/23 Balloon Mortgages are recommended to borrowers who:

Look for a lower introductory rate and payment while still having the predictability of an initial fixed monthly payment
Plan to stay in their home for a limited time
Want a lower fixed payment to match the number of years they will be in the property, without paying a higher rate typically associated with a 15- or 30-year fixed-rate mortgage