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  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
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
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
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
First Time Buyer Programs
  • Lower down payment
• Easier to qualify
• Sometimes you may get lower
   rate
• 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.
Stated Income Programs
  • Don't need to verify income
• Faster approval
• Higher rates
• Higher down payment
No point, No fee Programs
  • No closing costs
• Less money required to close
• Higher rates
• Higher payments
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
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
Home Equity Fixed Loan
  • Fixed payments
• Interest may be tax deductible
• Higher interest rates than on 1st
   mortgages
• Harder to refinance your first
   mortgage


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!

 
 
Contact us today @ 888 842-2281 or email us for a free consultation!
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