WHICH LOAN IS RIGHT FOR YOU?
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In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.
How Long Do You Plan
On Living In The House? |
We Recommend |
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Not Very Long (1-3 Years) |
3/1 ARM, 1 year ARM or 6 month ARM |
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A few years (3-5 Years) |
5/1 ARM |
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At least 5 years (5-7 years) |
7/1 ARM |
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Around 10 years ( 7-10 years) |
10/1 ARM, 30 yr fixed or 15 yr fixed |
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A long time (10 plus years) |
30 year fixed or 15 year fixed |
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Loan Programs
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Advantages
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Disadvantages |
30 year Fixed
15 year Fixed |
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Monthly payments won't change
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Interest rate Fixed
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Protected if rates go up
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Can refinance if rates go down
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Higher interest rate
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Higher mortgage payments
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Rate does not drop if interest rates improve
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Adjustable Rate Mortgages (ARMS) |
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Lower initial monthly payment
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Lower payment over a shorter period of time
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Rates and payments may go down if rates improve
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May qualify for higher loan amounts
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More risk
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Payments may change over time
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Potential for high payments if rates go up
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First Time Buyer Programs |
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Lower down payment
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Easier to qualify
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Sometimes you may get lower rate
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May be subject to income and property value limitations
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Some programs which have government subsidies may have a recapture tax if you sell the house too early.
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No point, No fee Programs |
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No closing costs
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Less money required to close
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Higher rates
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Higher payments
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Home Equity Fixed Loan |
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Fixed payments
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Interest may be tax deductible
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Higher interest rates than on 1st mortgages
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Harder to refinance your first mortgage
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In Addition to these standard loan programs we offer a large number of specialized loans to fit your needs please call or email for more information |
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Nevada Division of Mortgage Lending: Lic#3402
Arizona Department of Financial Institutions Lic# 918544
District of Columbia Department of Insurance: Lic#MLB 39179
Massachusetts Division of Banks: Lic# MC39179
Minnesota Department of Commerce: Lic#MN-MO-39179
New Jersey Department of banking and Insurance Lic#MLS-39179
Oregon Division of Finance and Corporate Securities: Lic#ML-5081
Pennsylvania Department of Banking: Lic#34374
South Carolina Board of Financial Institutions: Lic# MLS-39179
