| •
Fixed Rate Mortgages •10, 15,
20 and 30 Years: |
| • | Monthly
payments are always fixed over the life of the loan. |
| • | Interest
rate does NOT change. | | • | Borrower
is protected if rates increase, can refinance if rates decrease. |
| •
Adjustable Rate Mortgages (ARM) • 30 Year Amortization: |
| • | Lower
initial monthly payment. | | • | Rates
and payments may go down if rates improve. |
| • | Borrower
may qualify for a higher loan amount. | | • | Available
in 10 year, 7 year, 5 year, 3 year, 1 year, 6 month, and 1 month format. |
| • | The
10, 7, 5 and 3 year ARM's generally turn into a 6 month or 1 year ARM after the
initial fixed period ends, depending on the program chosen. |
| •
Balloon Mortgages • 30 Year Amortization: |
| • | Lower
initial monthly payment. | | • | Lower
payment for a predetermined period of time. |
| • | Some
balloon mortgages offer a conversion option after the initial term. |
| •
First Time Home Buyer Programs: |
| • | Offers
a lower down payment. | | • | Easier
for new borrowers to qualify. | | • | Lower
rates may be offered. |
| •
Stated Income Programs: |
| • | NOT
AVAILABLE AT THIS TIME | | • | |
| • | |
| • | |
| •
Low
or No Closing Cost Programs: |
| • | Low
or no out-of-pocket loan costs at closing. |
| • | Closing
costs may be paid by seller - gifts allowed so less money required. |
| • | Refinance
without increasing your loan amount. | | • | May
entail higher interest rate. |
| •
Imperfect Credit Programs: |
| • | Not
available to borrowers with less than 620 middle score |
| • | We
can review and potentially help raise scores |
| • | Generally
have higher rates and terms may not be as favorable. |
| • | |
| •
Home Equity Line of Credit
(HELOC): |
| • | You
buy what you need and pay interest only on what you borrow. |
| • | Flexible
access to funds and the interest may be tax deductible. |
| • | May
be free of closing costs and is a good source of emergency funds. |
| • | Can
be used for debt consolidation and rates are generally lower than consumer loan
or credit card rates. |
| •
Home Equity Fixed Loans: | |
| • | Fixed
payments for a fixed period of time. | | • | Interest
may be tax deductible. | | • | Use
cash for any purpose. | | • | Higher
interest rate than 1st Mortgage and interest is paid on the entire loan amount
compared to an Equity Line of Credit. |
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