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Loan Programs

Advantages

Disadvantages

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

5/1 ARM

1 year ARM

7/1 ARM

3/1 ARM

2/28 ARM

6 month ARM

1 month ARM

► 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

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

► Don't need to verify income
► Faster approval

► Sometimes higher rates
► Higher down payment
► Higher credit score required

No Point, No Fee Programs

► Lower 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
► Loans may have prepayment penalties

Interest Only Loan

► Reduces monthly mortgage payments
► Get more home for your money

► Paying towards interest
► No equity is built

Veterans Affairs (VA) Loan*

► No Down Payment Required by The VA
► Lock in Low Interest Rates

► Funding Fee of up to 2%
► Maximum Loan Amount of $240,000

*Available only to eligible veterans