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9/11/01
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Loan Programs

Which loan is right for me?
 Years you plan to stay in the house  Recommended program
 1-3  3/1 ARM, 1 year ARM or 6 month ARM
 3-5  5/1 ARM
 5-7  7/1 ARM
 7-10  10/1 ARM, 30 year fixed or 15 year fixed
 10+  30 year fixed or 15 year fixed
 
    Loan Programs           Advantages                Disadvantages         
 
Fixed Rate Mortgages                                                                                                                                                            
30 year fixed •  Monthly payments are fixed •  Higher interest rate
15 year fixed    over the life of the loan •  Higher mortgage payments
  •  Interest rate does not change •  Rate does not drop if
  •  Protected if rates go up     interest rates improve
  •  Can refinance if rates go down  
Adjustable Rate Mortgages                                                                                                                                                  
10/1 ARM •  Lower initial monthly payment •  More risk
7/1 ARM •  Lower payment over a shorter •  Payments may change over time
3/1 ARM    period of time •  Potential for high payments if
1 year ARM •  Rates and payments may go    rates go up
6 month ARM    down if rates improve  
1 month ARM •  May qualify for higher loan amts  
Balloon Mortgages                                                                                                                                                                 
7 year •  Lower initial monthly payment •  Risk of rates being higher at the
5 year •  Lower payment over a shorter    end of the initial fixed period
     period of time •  Risk of foreclosure if you cannot
 
 •  Many balloon mortgages offer    make balloon payment or if you
     the option to convert to a new    cannot refinance or if you cannot
     loan after the initial term    exercise the conversion option        
First Time Buyer Programs                                                                                                                                                  
  •  Lower down payment •  May be subject to income and
  •  Easier to qualify    property value limitations
  •  Sometimes you may get lower •  Some programs which have
   rate    government subsidies may have a
       recapture tax if you sell the house
       too early
Stated Income Programs                                                                                                                                                     
  •  Don’t need to verify income •  Higher rates
  •  Faster approval •  Higher down payment
No Point, No Fee Programs                                                                                                                                                  
  •  No closing costs •  Higher rates
  •  Less money required to close •  Higher payments
Home Equity Line of Credit                                                                                                                                                   
  •  You only borrow what you need •  Rates can change. The maximum
  •  Pay interest only on what you    interest rate is normally high
     borrow •  Payments can change
  •  Flexible access to funds •  Harder to refinance your first
  •  Interest may be tax deductible    mortgage
Home Equity Fixed Loan                                                                                                                                                        
•  Fixed payments •  Higher interest rates than on 1st
  •  Interest may be tax deductible    mortgages
    •  Harder to refinance your first
       mortgage
Imperfect Credit Programs                                                                                                                                                  
  •  Potential for reestablishing •  Higher rates
     credit if you pay your mortgage •  Terms may not be as favorable
     on time •  Harder to get long term fixed loans
  •  When used for debt •  Loans may have prepayment
     consolidation, you may be able     penalties
     to reduce your monthly debt  
     payment    
VA Loan                                                                                                                                                                                     
  •  No money down •  Stricter property  condition
  •  No monthly mortgage insurance    guidelines
  •  Sellers closing costs pay more •  Only current military or retired
       (honorably) military personnel
                                                                                                                                                   


Besides our standard loan programs, we also have a large number of unique programs to serve your needs: 

        ·          Purchase a house with 0 down
·          Piggyback loans 80-10-10 or 80-15-5.  No PMI payments even with 5% or 10% down
·          Debt consolidation programs
·          Home Improvement loans
·          Qualify even if you may have been turned down before!
·          Construction and rehab loans