image

Which Loan is Right For You?

In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are a number of 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:
Not Very Long (1-3 Years) 3/1 ARM, 1 year ARM or 6 month ARM
A few years (3-5 Years) 5/1 ARM
At least 5 years (5-7 years) 7/1 ARM
Around 10 years ( 7-10 years) 10/1 ARM, 30 yr fixed or 15 yr fixed
A long time (10 plus years) 30 year fixed or 15 year fixed
Loan Programs Advantages Disadvantages
30 year Fixed
15 year Fixed
  • Monthly payments won't change
  • Interest rate Fixed
  • Protected if rates go up
  • Can refinance if rates go down
  • Rate does not drop if interest rates improve
  •  
  •  
Apply now!
Adjustable Rate Mortgages (ARMS)
  • 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

Payments may change over time

Potential for high payments if rates go up

Apply now!
Balloon Mortgages
  • 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 default if you cannot make balloon payment at the end of the term or if you cannot refinance or if you cannot exercise the
  • conversion option
Apply now!
First Time Buyer Programs
  • Lower down payment
  • Easier to qualify
  • 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.
Apply now!
No point, No fee Programs
  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments
Apply now!
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 ceiling interest rate is high.
  • Payments can change
  •  
Apply now!
Home Equity Fixed Loan
  • Fixed payments
  • Interest may be tax deductible
  • Higher interest rates than on 1st mortgages
Apply now!
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.