Loan Program
Fixed-Rate Mortgage
- Good for purchase or refinance
- Monthly principal and interest payment is fixed for the life of the loan
- Provides protection from rising interest rates
- Mortgage rate remains the same no matter how high market interest rates go up
- Have a variety of loan lengths
Choose a Fixed-Rate Mortgage if:
- You prefer the stability of regular payments
- You are on limited or fixed income
- You plan to stay in their homes a long time
- You are purchasing or refinancing when interest rates are low
Adjustable-Rate Mortgages
- for purchase or refinance
- Lower initial interest rates then fixed-rate mortgage
- Loan has a fixed interest rate during initial phase
- After initial fixed phase, the loan periodically adjusts for the remaining term of the loan
- Have a variety of adjustment periods
- Index: ARM rates are tied to economic indices such as the London Inter-Bank Offered Rate (LIBOR).
- Margin: A fixed percentage that is added to the index at each adjustment period
- Rate Cap: Protection against unlimited interest rate increases or decreases per adjustment period and over the life of the loan.
Choose an ARM if:
- You want lower initial monthly payments than a fixed-rate mortgage offers.
- You need extra borrowing power. The initial lower monthly payments allow you to buy more home.
- You wish to save money in the early years
- You plan to move or refinance within the next few years
- You are purchasing or refinancing at a time when interest rates are high
Hybrid Option ARM Loan
Adjustble Rate Loan with fixed rate ( 5 years of 7 years available)
Zero Down Programs
- Finance100% of the purchase price of the property.
- Options to finance the closing costs and prepaids.
- Both fixed-rate and ARM's available with varying terms.
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Choose a Zero Down Mortgage if:
- You have limited savings for a down payment and/or closing costs
- You are looking to purchase a home without large cash reserves
- You're money can be used for higher-return investments
It's for now
Combination Loans
- Reduced down payment to as low as 5% by combining a first mortgage with a second mortgage or home equity loan
- Avoid the additional cost of mortgage insurance (PMI)
- Avoid higher jumbo interest rates
- Single application saves time and reduces costs.
Choose a combination loan option if:
- You have limited savings for a down payment and/or closing costs
- You are looking to purchase a home without large cash reserves
- You're money can be used for higher-return investments
Stand Alone Second Mortgage
Home Equity Line of Credit or Closed End Second Loan
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