Loan Programs

Which loan is right for me?

Years you plan to stay in the home	Recommended program
1-3 years	30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available are 3/1 ARM, 1 year ARM or 6 month ARM
3-5 years	30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 5/1 ARM
5-7 years	30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 7/1 ARM
7-10 years	30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties. Also available is a 10/1 ARM
10+ years	30 Year FIXED, 20 Year FIXED, 15 Year FIXED, All FIXED Programs are highly recommended by us. Our FIXED Rate Programs have NO Pre-Pay Penalties.

Loan Program	Advantages	Disadvantages
Fixed Rate Mortgages 30 year FIXED 20 year FIXED 15 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 Ability to pay loan off or refinance at any time with no penalties	None

Loan Program	Advantages	Disadvantages
Adjustable Rate Mortgages (ARM) 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Rates and payments may go down if rates improve May qualify for higher loan amounts 30 year term, no balloon payment	More risk Payments may change over time Potential for higher payments if rates increase

Loan Program	Advantages	Disadvantages
Balloon Mortgages unavailable

Loan Program	Advantages	Disadvantages
First Time Buyer Programs	Lower down payment Easier to qualify Lower rates may be available	May be subject to income and property value limitations Some government subsidized programs may generate a recapture tax if you sell the house too soon Education courses may be required to qualify for these loans

Loan Program	Advantages	Disadvantages
Stated Income Programs	No need to verify income Faster approval Good for borrowers who may not qualify with a full income documentation program	Could have slightly higher rates in some cases

Loan Program	Advantages	Disadvantages
Interest Only Programs	You have several payment options Lower monthly payments Qualify for a higher loan amount Qualify at the interest only payment Option to pay the full normal payment Interest only payments for up to ten years	Slightly Higher rates Principal loan balance will not decrease during the interest only payment period Payment will be higher for the remaining term

Loan Program	Advantages	Disadvantages
No point, No fee Programs	Closing costs are paid from the lender rebate Refinance without increasing your loan amount	Slightly Higher rates

Loan Program	Advantages	Disadvantages
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 Even with imperfect credit there are lowere rates available to help you	Could have slightly higher rates but not in all cases

Loan Program	Advantages	Disadvantages
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 May be free of closing costs A good source for an emergency fund, if set up in advance Can be used for debt consolidation and lower payments Rates are usually lower than consumer loan or credit card rates	Rates can change. The maximum interest rate can be relatively high Payments can change Harder to refinance your first mortgage

Loan Program	Advantages	Disadvantages
Home Equity Fixed Loan	Fixed payments Interest may be tax deductible Get cash out for any purpose	Higher interest rates compared to first mortgage Harder to refinance your first mortgage Interest is paid on the entire loan amount, compared to an equity line of credit

In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:

Special programs now available for low credit score homeowners.
Purchase your home with no down payment using Private Mortgage Insurance (PMI) or Lender-paid Mortgage Insurance (MI).
Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments by using Lender-paid MI.
Debt consolidation programs.
Home Improvement loans.
You may qualify even if you've been turned down before!