Loan Programs
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Advantages
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Disadvantages
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30 year Fixed
15 year Fixed |
· Monthly payments won't change
·Interest rate Fixed
· 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 |
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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 |
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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 |
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Apply now! |
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First Time Buyer, Single Parent & Disabled Borrower Programs
Disabled Program - Those who are guardians of someone who is disabled also could qualify for program and special interest rates.
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· Lower down payment
· Easier to qualify
· Sometimes you may get lower rate
GRANTS AVAILABLE to help with down payment and/or closing cost!
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· 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. |
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Apply now! |
| Stated Income Programs |
· Don't need to verify income
· Faster approval |
· Higher rates
· Higher down payment |
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Apply now! |
| No point, No fee Programs |
· No closing costs
· Less money required to close |
· Higher rates
· Higher payments |
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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 |
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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 |
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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 |
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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! |
