* Monthly
payments are fixed over the life
of the loan.
* If rates
go up, your rate stays the same
* Can refinance if rates drop
* Higher
interest rate
* Higher mortgage payments
* Rate does not drop if interest rates
improve
Adjustable
Rate
Mortgages
* 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
* Higher risk
* Payments may change over -time
* Potential for high payments if -rates
go up
First
Time Buyer Programs
* Lower
down payment
-Easier to qualify
-Sometimes you may get lower -rate
-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
-No
W2's or Pay Stubs required
-Faster approval
-Higher
rates
-Higher down payment
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
(HELOC)
-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! Apply
Today
