Loan Programs
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Home Purchase
Whether this is your first or fifth home, it still remains your single largest investment. The immeasurable satisfaction and quality of life you get from home ownership should be a continuation of the exciting and fun experience you had while purchasing your home.
Which loan is right for me?
| Years you plan to stay in the house | Recommended program | |
 1-3 Years |
3/1 ARM, 1 year ARM or 6 month ARM | |
| 3-5 Years |
5/1 ARM | |
| 5-7 Years |
7/1 ARM | |
| 7-10 Years |
10/1 ARM, 30 year fixed or 15 year fixed | |
| 10+ Years |
30 year fixed or 15 year fixed | |
| 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 * 3/1 ARM * 1 year ARM * 6 month ARM * 1 month 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 |
| 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 | |
| Stated Income Programs | ||
| * Don’t need to verify income * Faster approval |
* Higher rates * Higher down payment |
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| No point, No fee Programs | ||
| * No closing costs * Less money required to close |
* Higher rates * Higher payments |
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| Imperfect Credit Programs | ||
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* 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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| 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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| Home Equity Fixed Loan | ||
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* Fixed payments * Interest may be tax deductible |
* Higher interest rates than on 1st mortgages * Harder to refinance your first mortgage |
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