Fixed Rate Mortgages

 

10-, 15-, 25-, 30-year fixed available. 

Advantages

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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 without penalty or costs.

No pre-payment penalties. 

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Adjustable Rate Mortgages

 

10/1 ARM

7/1 ARM

3/1 ARM

Advantages

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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

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First-Time Buyer Programs 

Co

Conventional, FHS, and VA programs available.

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Advantages

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Lower down payment.

Easier to qualify.

 You may get lower rate.

Costs can be incorporated into mortgage amount.

 

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Home Equity Fixed Loan

 

Interest only, fixed payments available.

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Advantages

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Fixed payments.

Interest may be tax deductible.

 

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No Point, No Fee Programs

 

No closing costs payments available.

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Advantages

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No closing costs.

Less money required to close.

 

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Home Equity Line of Credit

 

Advantages

 

You only borrow what you need.

Pay interest only on what you borrow.

Flexible access to funds.

Interest may be tax deductible.

 

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