Loan Programs
| Number of Years You Plan To Stay In the Home | Recommended Program |
|---|---|
| 1-3 Years | 30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available are 7/1 ARM, 5/1 ARM, 3/1 ARM, 1 year ARM or 6 month ARM |
| 3-5 Years | 30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 5/1 ARM |
| 5-7 Years | 30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 7/1 ARM |
| 7-10 years | 30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 10/1 ARM |
| 10+ years | 30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. |
| Loan Program | Advantages | Disadvantages |
|---|---|---|
| Fixed Rate Mortgages: 30 Years Fixed 20 Years Fixed 15 Years Fixed | Monthly payments are fixed over the life of the loan. Interest rate does not change. Protected if rates go up. Can refinance if rates go down Ability to pay loan off or refinance at any time with no penalties. | None. |
| Adjustable Rate Mortgages (ARM) 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM 1 Year ARM 6 Month ARM 1 Month ARM | Lower initial monthly payment. Rates and payments may go down if rates improve. May qualify for higher loan amounts. 30 year term, no balloon payment. | More risk. Payments may change over time. Potential for higher payments if rates increase. |
| Balloon Mortgages Unavailable. | Unavailable. | Unavailable. |
| First Time Buyer Programs | Lower down payment. Easier to qualify. Lower rates may be available. | May be subject to income and property value limitations. Some government subsidized programs may generate a recapture tax if you sell the house too soon. Education courses may be required to qualify for these loans. |
| Stated Income Programs | No need to verify income. Faster approval. Good for borrowers who may not qualify with a full income documentation program. | Could have slightly higher rates in some cases. |
| Interest Only Program | You have several payment options Lower monthly payments. Qualify for a higher loan amount. Qualify at the interest only payment. Option to pay the full normal payment. Interest only payments for up to ten years. | Slightly Higher rates. Principal loan balance will not decrease during the interest only payment period. Payment will be higher for the remaining term. |
| No Point, No Fee Programs | Closing costs are paid from the lender rebate. Refinance without increasing your loan amount. | Slightly higher rates. |
| 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. Even with imperfect credit there are lower rates available to help you. | Could have slightly higher rates but not in all cases. |
| 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. May be free of closing costs. A good source for an emergency fund, if set up in advance. Can be used for debt consolidation and lower payments. Rates are usually lower than consumer loan or credit card rates. | Rates can change. The maximum interest rate can be relatively high. Payments can change. Harder to refinance your first mortgage. |
In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:
· Special programs now available for low credit score homeowners.
· Purchase your home with as little as 3.5% down. Debt Consolidation Programs
· Home Improvement loans.
· You may qualify even if you’ve been turned down before!
· Apply now, request a Quick Quote or, call Toll Free: 1-888-554-3848