Loan Programs

Mortgage Resources

Years you plan to stay in the home	Recommended 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 Program	Advantages	Disadvantages
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 Program	Advantages	Disadvantages
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 30 year term, no balloon payment	More risk Payments may change over time Potential for higher payments if rates increase










Loan Program	Advantages	Disadvantages
Interest Only Programs	You have several payment options Lower monthly payments 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 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:

Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments by using Lender-paid MI.
Debt consolidation programs.
You may qualify even if you've been turned down before!