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Owning your own home provides several
benefits. In addition to the satisfaction of being a homeowner, you
can build equity, enjoy tax deductions, say "good bye" to your
property owner and take control of your living environment. The
within Loan Programs are sample of what are available to
you:
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Fixed Rate Mortgages
Loan Program |
Advantages |
Disadvantages |
|
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
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|
Loan Program |
Advantages |
Disadvantages |
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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
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Whether you are a first-time
homebuyer, renter, or are purchasing a new or second home, we have
an assortment of tools and loan programs to meet your individual
financing needs. Use our easy-to-navigate site, or contact us by
phone today.
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Loan Program |
Advantages |
Disadvantages |
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Balloon
Mortgages
7 year
5 year
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Lower initial monthly payment
Lower payment for a
predetermined period of time Many balloon mortgages offer the
option to convert to a new loan after the initial term
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Risk of rates being higher at the end of the initial fixed
period
Risk of foreclosure if you cannot make balloon
payment, refinance, or exercise the conversion
option
Balloon payment requires you to sell or refinance
after the term, as opposed to a 7/1 or 5/1 program with a 30
year term |
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Loan Program |
Advantages |
Disadvantages |
|
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
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Rates can change. The maximum interest rate can be
relatively high Payments can change Harder to refinance your
first mortgage |
Refinance Find out if now is the
right time to refinance! You may be able to lower your monthly
payments or reduce the time it takes to pay off your loan. You may
also be able to save even more if you use your refinance proceeds to
pay off credit card or other installment debt, since mortgage
interest is usually 100% tax-deductible, and interest on consumer
debt is not.. Here are some important reasons to consider
refinancing:
Get a lower mortgage rate and reduce interest
costs.
Convert an adjustable rate mortgage to a secure,
fixed-rate mortgage.
Consolidate your first and second mortgages
into a mortgage with a lower rate
Get cash for family wants and
needs
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Loan Program |
Advantages |
Disadvantages |
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 |
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Loan Program |
Advantages |
Disadvantages |
Stated Income
Programs |
Don't need to verify income
Faster approval
Good
for borrowers who may not qualify with a full income
documentation program |
Higher rates
Higher down payment |
We can help you realize your homeownership dreams
by offering you all the best advantages: Low Rates, Easy
Online Application, All Types of Mortgage Programs, Guidance and
Advice from an Experienced Loan Professional
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Loan Program |
Advantages |
Disadvantages |
|
Interest Only
Programs |
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
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Higher rates
Principal loan balance will not decrease
during the interest only payment period
Payment will be
higher for the remaining term
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page
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Loan Program |
Advantages |
Disadvantages |
No point,
No
fee
Programs |
No out-of-pocket loan costs at closing
Closing costs
are paid from the lender rebate
Less money required to
close Refinance without increasing your loan amount
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Higher rates
Higher payments
Some lenders may have a
short payoff penalty which is usually charged to the loan
broker, but may be passed on to you
Some require a
prepayment penalty for the first one to five years
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The advantages we offer you for your
refinancing needs include:
Low rates, Easy online application,
All types of mortgage programs, Guidance and advice from an
experienced loan professional
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Loan Program |
Advantages |
Disadvantages |
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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Loan Program |
Advantages |
Disadvantages |
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Home Equity
Fixed Loans |
Fixed payments Interest may be tax deductible
Get cash
out for any purpose |
Higher interest rates compared to first mortgage
Harder
to refinance your first mortgage
Interest is paid on the
entire loan amount, compared to an equity line of credit
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