Just give me a quick call and I can point you in the right direction, but here's a general matrix if you're shy!
Also, check out the COSI arm, it's awesome. The index is based on the savings rate the bank pays! When has that ever been high?
Another rule of thumb is how long you think you'll be in the property. If you're on a fixed income or salary and you're right where you want to be, grab the fixed rate.
If you tend to move around a lot, a 3-5-7 year ARM is perfect for you.
If you move often to ride the incredible appreciation we're experiencing, an Interest Only ARM is your ticket.
Call me!
Our Loan Programs | Advantages | Disadvantages |
|
Fixed Rate Mortgages
30 year fixed
20 year fixed
15 year fixed |
· Rate locked for life of loan
· Monthly payments are fixed over the life of the loan
· Protected if rates go up |
· Higher interest rate
· Higher mortgage payments
· Rate does not drop if interest rates improve |
|
Adjustable Rate Mortgages
10/1 ARM
7/1 ARM
3/1 ARM
1 year 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 |
|
| |
· Low payments
· Payment options
· Conservative Index
· Payment caps
· Easy qualifying
· Frees money for investments |
· Potential negative amortization
· Pre-pay first 3 years
· Rates can go up |
|
| First Time Buyer Programs |
· Easier to qualify
· Lower down payment |
· Many 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
No Doc
NINAs |
· Don't need to verify income
· Faster approval
· Great for self employed
· NINA's- No Income No asset verification |
· Higher rates apply
· Make sure you meet "stated" guidelines |
|
| No point, No fee Programs |
· No closing costs
· Less money required to close |
· Slightly 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
· Harder to get long term fixed loans
· Loans may have prepayment penalties |
|
| Home Equity Line of Credit |
· NO CLOSING COSTS!
· 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. The maximum interest rate is normally high.
· Payments can change
· Harder to refinance your first mortgage |
|
| Home Equity Fixed Loan |
· Fixed payments
· Interest may be tax deductible |
· Higher interest rates than on 1st mortgages
· Harder to refinance your first mortgage |
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