Fixed Rate Mortgages
30 year fixed
Monthly payments are fixed over the life of the loan
25 year fixed
Interest rate does not change
20 year fixed
Protected if rates go up
15 year fixed
Can refinance if rates go down
10 year fixed
Interest only payment available first 10 years
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Adjustable Rate Mortgages
10/1 ARM
Lower initial monthly payment
7/1 ARM
Lower payment over a shorter period of time
3/1 ARM
Rates and payments may go down if rates improve
1 year ARM
May qualify for higher loan amounts
6 month ARM
Interest only payments available first 10 years
1 month ARM
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Balloon Mortgages
7 year
Lower initial monthly payment
5 year
Lower payment over a shorter period of time
*Many balloon mortgages offer the option to convert to a new loan after the initial term
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Easy Doc Programs
- Up to 95% LTV
- Stated income, stated assets
- No W-2’s, pay stubs, bank statements, etc.
- Fixed rate and adjustables available
- No increase in rate
- Credit score driven-minimum 700
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Stated Income Programs
- Income not verified
- Faster approval
No Point, No Fee
Programs
- No closing costs
- Less money required to close
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Home Equity Line
Of Credit
- You only borrow what you need
- Pay interest only on what you borrow
- Flexible access to funds
- Interest may be tax deductible
First Mortgage
Home Equity
- 95% LTV
- Interest may be tax deductible
- Interest only payment available first 10
years
- No mortgage insurance
- No escrows
- Minimum loan amount $15,000-maximum
$1,000,000
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