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Loan Programs



Which loan is right for me?
Years you plan to stay in the house Recommended program
1-3 3/1 ARM, 1 year ARM or 6 month ARM
3-5 5/1 ARM
5-7 7/1 ARM
7-10 10/1 ARM, 30 year fixed or 15 year fixed
10+ 30 year fixed or 15 year fixed


Loan Programs Advantages/Disadvantages

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Fixed Rate Mortgages

30 year fixed /15 year fixed

Monthly payments are fixed over the life of the loan
Interest rate does not change
Protected if rates go up
Can refinance if rates go down

Higher interest rate
Higher mortgage payments
Rate does not drop if interest rates improve

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Adjustable Rate Mortgages
10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM

Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts

More risk
Payments may change over time
Potential for high payments if rates go up
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Balloon Mortgages
7 year
5 year

Lower initial monthly payment
Lower payment over a shorter period of time
Many balloon mortgages offer the option to convert to a new loan after the initial term.

Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
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First Time Buyer Programs Lower down payment
Easier to qualify Sometimes you may get lower rates
May be subject to income and property value limitations
Some programs which have government subsidies may have a recapture tax if you sell the house too early.


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Stated Income Programs Don’t need to verify income
Faster approval
Higher rates
Higher down payment


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No point, No fee Programs No closing costs
Less money required to close
Higher rates
Higher payments
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Imperfect Credit Programs Potential for reestablishing credit if you pay your mortgage on time.
When used for debt consolidation, you may be able to reduce your monthly debt payment
Higher rates
Terms may not be as favorable
Harder to get long term fixed loans
Loans may have prepayment penalties
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Home Equity Line of Credit You only borrow what you need
Pay interest only on what you borrow
Flexible access to funds
Interest may be tax deductible
Rates can change. The maximum interest rate is normally high.
Payments can change
Harder to refinance your first mortgage


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Home Equity Fixed Loan Fixed payments
Interest may be tax deductible
Higher interest rates than on 1st mortgages
Harder to refinance your first mortgage


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Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

Purchase a house with 0 down /
Piggyback loans

80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
Debt consolidation programs
Home Improvement loans
Qualify even if you may have been turned down before!

First & Last Name
Email Address
Phone Number
Which Program are you interested in?
Address
Street:
City:
State:   Zip:
 

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