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Which loan is right for me?
Years you plan to stay in the house
Recommended program
1-3
 3/1 ARM, 1 year ARM or 6 month ARM
3-5
 5/1 ARM
5-7
 7/1 ARM
7-10
 10/1 ARM, 30 year fixed or 15 year fixed
10+
 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
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
Balloon Mortgages
7 year
5 year
•   Lower initial monthly payment
•   Lower payment over a shorter period of time
•   Many balloon mortgages offer the option to convert to a new loan after the initial term.
•   Risk of rates being higher at the end of the initial fixed period
•   Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs •   Lower down payment
•   Easier to qualify
•   Sometimes you may get lower rates		 •   May be subject to income and property value limitations
•   Some programs which have government subsidies may have a recapture tax if you sell the house too early.
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!