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Loan Programs

Loan Programs

There are many loan programs to fit almost any need. Please call and ask which loan program best fits your situation.


 

Recommended Programs

Use the information below to choose the best program for your need.

Years you plan to
stay in the house:
Recommended Program(s):
1 - 3 3/1 ARM, 1 year ARM or 6 month ARM
3 - 5 5/1 ARM
5 - 7 7/1 ARM
7 - 10 10/1 ARM, 30 year fixed or 15 year fixed
10+ 30 year fixed or 15 year fixed
15-Year and 30-Year Fixed Rate
Payment and rate stay the same from start to finish plus tax.
5/1 and 7/1 Adjustable Rate Mortgage
Rate is fixed for the first 5 or 7 years, then shifts to an adjustable rate mortgage (ARM).

Which Program is best for me?

Here are a few things to keep in mind when selecting a loan program.


15-Year and 30-Year Fixed Rate
Advantages:   Disadvantages:
Maximum interest deduction for taxes, sometimes easier to qualify, stable predictable payments, high loan to value, lower down payment.
 
Pay more interest over the life of the loan, higher starting interest rate, Lower debt ratio (Larger Income to qualify). Higher monthly payment.

 
5/1 and 7/1 Adjustable Rate Mortgage
Advantages:   Disadvantages:
Potentially lower starting interest rates are attractive if you plan to sell within 2-3 years or if you expect your income to increase in the near future.
 
Periodic payment and rate increases, builds equity slower. Payment increases may affect budget.

 
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