Paragon Mortgage Bankers

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When making a decision on a loan program, always consider the time in which you plan to stay in the home. The following chart should help you to make a decision based on your expected length of time you plan to live in your home.

Years You Plan To Stay In The House

Recommended Program

1 to 3 Years

3/1 ARM, 1 year ARM or 6 month ARM

3 to 5 Years

5/1 ARM

5 to 7 Years

7/1 ARM

7 to 10 Years

10/1 ARM, 30 year fixed or 15 year fixed

10+ Years

30 year fixed or 15 year fixed


Fixed Rate Mortgages	* Monthly payments are fixed -over the life of the loan Interest rate does not change * Protected if rates go up * Able to refinance if rates decline	* 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	* More 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

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