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Friday, August 29, 2008Which Loan

In the past every home owner the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.

How Long Do You Plan
On Living In The House? 		We Recommend
Not Very Long (1-3 Years) 3/1 ARM, 1 year ARM or 6 month ARM
A few years (3-5 Years) 5/1 ARM
At least 5 years (5-7 years) 7/1 ARM
Around 10 years ( 7-10 years) 10/1 ARM, 30 yr fixed or 15 yr fixed
A long time (10 plus years) 30 year fixed or 15 year fixed

Loan Programs
Advantages
30 year Fixed
15 year Fixed
  • Monthly payments won't change
  • Interest rate Fixed
  • Protected if rates go up
  • Can refinance if rates go down
   
Adjustable Rate Mortgages (ARMS)
  • 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
   
Balloon Mortgages
  • 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.
   
First Time Buyer Programs
  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
   
Stated Income Programs
  • Don't need to verify income
  • Faster approval
   
No point, No fee Programs
  • No closing costs
  • Less money required to close
   
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
   
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
   
Home Equity Fixed Loan
  • Fixed payments
  • Interest may be tax deductible
   
In Addition to these standard loan programs we offer a large number of specialized loans to fit your needs:
· Purchase a home with Zero Money 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 with low fico score or even if you've been turned down before!

 













 

 
 
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