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Loan Programs

Which Loan is Right for You?

In the past every home owner got 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?
  • Not Very Long (1-3 Years)
  • A few years (3-5 Years)
  • At least 5 years (5-7 years)
  • Around 10 years ( 7-10 years)
  • A long time (10 plus years)

We Recommend

  • 3/1 ARM, 1 year ARM or 6 month ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM, 30 yr fixed or 15 yr fixed
  • 30 year fixed or 15 year fixed

Loan Programs

  • 30 year Fixed
  • 15 year Fixed

Advantages

  • Monthly payments won’t change
  • Interest rate Fixed
  • Protected if rates go up
  • Can refinance if rates go down

Disadvantages

  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Apply now!

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
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up
Apply now!

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.
  • 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
Apply now!

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.
Apply now!

Stated Income Programs

  • Don’t need to verify income
  • Faster approval
  • Higher rates
  • Higher down payment
Apply now!

No point, No fee Programs

  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher down payment
Apply now!

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
Apply now!

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
Apply now!

Home Equity Fixed Loan

  • Fixed payments
  • Interest may be tax deductible
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage
Apply now!

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!

Join our Team
Magna Capital Group, Inc is actively seeking for self-motivated, driven loan officers to become a part of our successful and growing... Read More
About Us
The principal of the company has over 30 years of experience in the industry. Our mission is to treat our valued clients with honesty... Read More
Magna Capital Group, Inc., Real Estate, Los Angeles, CA
Associations
Accredited Real Estate Services, Magna has 30+ years of combined experience in the Real Estate & Financial Services business. Read More
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Magna Capital Group, Inc is a full service real estate and financial services company. We provide specialized services to our clients... Read More
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