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Types of Loans

Thirty-Year Fixed Rate Mortgage
The conventional 30-year fixed-rate mortgage has a constant interest rate and a monthly payment that never changes. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Government Loan Programs

Government mortgages offer lower down payments and are not as senstive to credit scores vs conventional mortgages.  Programs include the FHA (Federal Housing Administration) with a only a 3.5% down payment requirement., the VA (Veterans Administration) which offers zero down payment and no monthly mortgage insurance, and the USDA Rural Housing programs offers zero down payment and reduced mortgage insurance.

Renovation Loan Programs

We offer a few renovation mortgage options to finance the necessary repairs or cosmetic renovations into the mortgage, so don't let that fixer upper pass you by!  The most popular programs are the FHA 203k loan which only requires a 3.5% down payment and the Fannie Mae HomeStyle Loan which requires a 5% down payment.

Reverse Mortgages

If you are over the age of 62 and own your home, even if you have a current mortgage on it, you may qualify for a reverse mortgage.  A reverse mortgage can give you an option to receive a monthly payment, get a lump sum, or obtain a line of credit, or a combination of all three. 

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Office:  (845) 635-4670 Ext. 111
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