Loan Programs

Advantages

Disadvantages

Fixed Rate Mortgages

30 year fixed
15 year 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
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages

10/1 ARM
7/1 ARM
5/1 ARM
 

  • 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

Interest Only Program

  • Qualify for a larger loan amount or reduce your monthly payment using the interest only ARM program.
  • The loan amount can be up to $2,000,000.
  • The Interest Only ARM programs available are 5/1, 7/1, and 10/1 for Conforming and non conforming, and a 3/1 ARM for Non Conforming loan amounts.
 
Flexible Pay Option ARM Loans

  • The loan is designed for people who have irregular income such as commission sales, lawyers and accountants.
  • Choose each month between regular payment, interest only payment or a payment much lower than either.

 

First Time Buyer Programs

 

  • Lower down payment - My community or FHA
  • Easier to qualify
  • May be subject to income and property value limitations

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

 

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • Purchase a house with 0 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 even if you may have been turned down before!