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!
To receive a free consultation and confidential evaluation of your loan scenarios, please contact us at
info@magnaloans.com
Website Pages:
Contact Details:

Tel: (310) 734 4044
Fax: (310) 734 4055
Email: info@magnaloans.com

 

 

Address:

Magna Capital Group, Inc
8730 Wilshire Blvd., Suite 410
Beverly Hills, CA 90211

Although Magna Enterprises, LLC and Magna Capital Group, Inc. are referred to throughout the text of this website as Magna Group of companies, they are not affiliates, parent or subsidiary companies as both companies are separate and distinct entities. Any questions or issues regarding this disclaimer should be addressed in writing c/o Shawn Molem.

Magna Capital Group, Inc™ 2020| California DRE License # 01866646 | Nevada DRE License # RE.1450801 | NMLS ID # 342925