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Loan Programs

Mortgage made Simple.

Which loan is right for me?

YEARS YOU PLAN TO STAY IN HOME BEST PROGRAM
1-3
3-5
5-7
7-10
10+
3/1 ARM, 1 year ARM or 6 month ARM
5/1 ARM
7/1 ARM
10/1 ARM, 30 year fixed or 15 year fixed
30 year fixed or 15 year fixed
PROGRAM PROS CONS
Fixed Rate Mortgages

30 Year fixed
15 Year fixed

Monthly payments are fixed over the life of the loan
Interest rate does not change
Protected if rates go up
Can refinance if rates go down
Higher interest rate
Higher mortgage payments
Rate does not drop if interest rates improve
Adjustable Rate Mortgages

10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month  ARM

Lower initial monthly payment
Lower payment over a shorter period 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
Balloon Mortgages

7 year
5 year

Lower initial monthly payment
Lower payment over a shorter period of time
Many balloon mortgages offer the option to convert a new loan after the initial term
Risk of rates being higher at the end of the initial fixed period
Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyers Lower Down payment
Easier to qualify
Sometimes you may get lower rates
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 Don’t need to verify income
Faster approval
Higher rates
Higher payments
No point, No fee Programs No closing costs
Less money required to close
Higher rates
Higher payments
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 EquityLine 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, max rates are 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 1st mortgage

“I don’t find you a house, I find you a home!”

A lot of people think we are in the business of doing loans but we really don’t see it that way. As Certified Mortgage Planning Specialists, we help you create, perhaps, the largest debt of your life, and unlike most lenders, we believe we have a responsibility to help you professionally manage that debt. We see our primary role as helping our borrower’s integrate the mortgage loan they select into their overall long and short-term financial and investment goals and their payment, equity, cash flow, and tax objectives.

Emily Caughlin

sales manager

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