Fixed Rate Loans |
| Basic |
Payments are fixed at a certain principal/interest over the life of the loan |
| Reduced Rate Option |
After a certain time, you will have the option to a lower interest rate |
| No Down Payment Loans |
Combines a first mortgage with a second mortgage to make the 20% down to avoid mortgage insurance and earlier opportunity to purchase a home |
| Low Down Payment Programs |
Loans that only require 3-5% down versus the conventional 20% down payment |
| Low Documentation |
Very convenient and little paper work |
| No Equity Refinance |
Refinance loans for up to 100% value of your home |
| Low Equity Refinance |
Only 3-5% equity in your home and would like to loan up to approximately $400,000 |
Adjustable Rate Mortgages |
| Basic ARM |
Rates are adjustable every 6 months or a year |
| Basic ARM with Reduced Rate |
Reduced rate in exchange for limits on refinancing and early principal reduction for the first five years |
| Fixed Period ARM |
Fixed rate for a period of time, whether it’s 3, 5, 7, or 10 years, then adjusts annually based on the financial index. |
Loans Designed for Avoiding Traditional Private Mortgage Insurance (PMI)
|
| Tax Advantage Mortgage Ins. |
Able to offset the cost of insurance by a higher interest rate with provides a higher tax deduction |
| Home Equity Line of Credit |
Combines your down payment, first and second mortgage to achieve 20% down to avoid mortgage insurance |
Loans Exceeding Fannie Mae/Freddie Mac Guidelines |
| Non-conforming (Jumbo) |
When loans up to $2 million |
Home Equity Line of Credit (HELOC)
or Home Equity Loan |
A line of credit gives you the opportunity to use your funds whenever needed until you reach your credit limit. Very similar to a credit card, but the advantage of this is the lower interest rate with a HELOC and the interest that you pay is tax deductible. |
