
Fixed Rate Mortgages
10-, 15-, 25-, 30-year fixed available.
Advantages
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.
Adjustable Rate Mortgages
10/1 ARM
7/1 ARM
3/1 ARM
Advantages
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
First-Time Buyer Programs
Co
Conventional, FHS, and VA programs available.
Advantages
Lower down payment.
Easier to qualify.
You may get lower rate.
Costs can be incorporated into mortgage amount.
Home Equity Fixed Loan
Interest only, fixed payments available.
Advantages
Fixed payments.
Interest may be tax deductible.
No Point, No Fee Programs
No closing costs payments available.
Advantages
No closing costs.
Less money required to close.
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.