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Choosing a Mortgage

In the past every home owner 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?

We Recommend

Not Very Long (1-3 Years)

3/1 ARM, 1 year ARM or 6 month ARM

A few years (3-5 Years)

5/1 ARM

At least 5 years (5-7 years)

7/1 ARM

Around 10 years ( 7-10 years)

10/1 ARM, 30 yr fixed or 15 yr fixed

A long time (10 plus years)

30 year fixed or 15 year fixed


Loan Programs

Advantages

Disadvantages

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

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

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

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.

Stated Income Programs

  • Don't need to verify income

  • Faster approval

  • Higher rates

  • Higher down payment

No point, No fee Programs

  • No closing costs

  • Less money required to close

  • Higher rates

  • Higher payments

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

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

Home Equity Fixed Loan

  • Fixed payments

  • Interest may be tax deductible

  • Higher interest rates than on 1st mortgages

  • Harder to refinance your first mortgage

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!

 

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