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 PlanOn Living In The House? |
We Recommend3/1 ARM, 1 year ARM or 6 month ARM |
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Loan Programs30 year Fixed |
AdvantagesMonthly payments won’t change |
DisadvantagesHigher interest rate |
| 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 |
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