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| Which Loan is right
for me? |
| LOAN PROGRAM |
LOAN 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 |
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There
are always pro's and con's to every situation.
We like to inform our borrowers completely, so that they can make the most informed
decisions. |
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| LOAN PROGRAM |
PRO'S |
CON'S |
| Fixed Rate Mortgages |
15 year fixed
20 year fixed
30 year fixed
40 year fixed
50 year fixed
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- 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
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- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates improve
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Adjustable Rate Mortgages |
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
2/28 ARM
1 year ARM
6 month ARM
1 month ARM
2/38 ARM
2/48 ARM
3/37 ARM
3/47 ARM
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- Lower initial monthly payment
- Lower payment over a shorter period of time
- May qualify for higher loan amount
- Interest only payment options available
- Rate Caps
- 3 and 4 payment options for 1 month ARM great for cash-flow management
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- Higher risk
- Payments may change over time
- Potential for high payments if rates go up
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Interest Only Programs |
Rates
are usually adjustable
Various programs
available |
- Potential to pay off principle faster
- Lower Monthly payments
- Pay debts off faster with better cash flow
- Used as a cash-flow tool
- Equity grows with appreciation of property
- Great tax deduction
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- Principle stays the same if nothing is paid towards it
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| LOAN PROGRAM |
PRO'S
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CON'S
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| First Time Buyer Programs |
| FHA AND
VA, as well as various other programs, all tailored to your
individual needs |
- Lower down payment
- Easier to qualify
- Lower rates (must qualify)
- Leniency shown towards past credit issues
- 0% down options available to qualified candidates
- Possible no MI (must qualify)
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- May be subject to income and property value limitations
- Some programs which have government subsidies may have a clause if you sell
too early
- Possibility of High Mortgage Insurance with some programs
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Stated Income Programs |
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- No need to verify income
- Faster approval
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- Higher rates
- Higher down payment
- May be a lower LTV
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Damaged Credit Programs |
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- A tool for reestablishing credit
- if you pay your bills on time
- Use for debt consolidation to reduce monthly debt payment
- No out of pocket expense for refinancing your mortgage
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- Higher rates
- Terms may not be as favorable
- Harder to get fixed rates
- Loans may have prepayment penalties
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Debt Consolidation
Programs |
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- Consolidate high interest debt
- Lower your debt payments
- Pay off debt faster
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- Less equity in home
- slightly higher rates
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Cash Out Refinancing |
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- Put the equity in your home
to use in other areas
of your life
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Piggy Back Loans |
| 80/20 |
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Home Equity Line of
Credit |
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- You only borrow what you need
- Payment interest only means lower payments
- Flexible access to funds
- Interest is tax-deductible
- No out-of-pocket expense
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- Rates can change: the maximum interest rate is normally
high
- Payments can change
- Harder to refinance your first
- Harder to obtain with damaged credit
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| LOAN PROGRAM |
PRO'S
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CON'S
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| Home Equity Fixed
Loan |
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- Fixed payments
- Interest is tax-deductible
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- Interest can be higher than on first mortgages
- Harder to refinance your first mortgage
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| In
addition to the above programs, we also offer: |
* Commercial Loan Products from $100,000 – $25 Million
(All Types Of Properties)
* Balloon Mortgage Products
* Jumbo Mortgage Products $417,000 +
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