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Which loan is right for me?


Years you plan to stay in the homeRecommended program
1-3 years 3/1 ARM
3-5 years 5/1 ARM
5-7 years 7/1 ARM
7-10 years 10/1 ARM, 30 year fixed or 15 year fixed
10+ years 30 year fixed or 15 year fixed


Loan ProgramAdvantagesDisadvantages
Fixed Rate Mortgages
  • 30 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
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Loan ProgramAdvantagesDisadvantages
Adjustable Rate Mortgages (ARM)
  • 10/1 ARM
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • Lower initial monthly payment
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • 30 year amortization
  • More risk
  • Payments may change over time
  • Potential for higher payments if rates increase

Loan ProgramAdvantagesDisadvantages
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 ProgramAdvantagesDisadvantages
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
  • Higher rates
  • Principal loan balance will not decrease during the interest only payment period
  • Payment will be higher for the remaining term

Loan ProgramAdvantagesDisadvantages
No point, No fee Programs
  • No out-of-pocket loan costs at closing
  • Closing costs are paid from the lender rebate
  • Less money required to close
  • Refinance without increasing your loan amount
  • Higher rates
  • Higher payments

 


Loan ProgramAdvantagesDisadvantages
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

 


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