|
|
|
Advantages |
Other
Considerations |
| Fixed
Rate Mortgages - 15 and 30 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 |
|
- 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
- Ideal loan if planning to sell
within 3 years
|
- More risk
- Payments may change over time
- Potential for high payments if
rates go up
|
| Stated
Income Programs - Designed for Business Owners |
|
- Don't need to verify income
- Faster approval�
|
- Higher rates
- Higher down payment
|
| Imperfect
Credit Programs |
|
- Potential for reestablishing
credit if you maintain your mortgage payments
- When used for debt consolidation,
you will 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
Equity Line of Credit (Fixed Loan) |
|
- 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 (up or down)
- Payments can change (up or down)
|
| 125
Program |
|
- Borrow in excess of equity
- Pay off credit card debt
- Home improvements
|
- Higher interest rates
- Higher payments
- Prepayment penalties
|
| Besides
our standard loan programs, we also have a large number of unique
programs to serve your needs. Let us show you how to reach your
financial goals. |
