Loan Programs

There are many loan programs to fit almost any need. Please call and ask which loan program best fits your situation.

Use the information below to choose the best program for your need.

5 and 7 Year Balloons: Lower start rate. Some of the balloon programs may be converted to an adjustable rate or a fixed rate after the 5 or 7 years, with very low fee and attractive rate.
Adjustable Rate Mortgage (ARM) 3, 5, 7 or 10 year fixed rate: Lowest start rate Adjusts either every 6 months or every 12 months depending on program and grade.
15, 30 or 40 Year Fixed Rate: Payment and Rate stay the same over the entire life of the loan

Here are a few things to keep in mind when selecting a loan program.

5 and 7 Year Balloons
Advantages:		Disadvantages:
Lowest starting interest rates help qualify for higher loan amounts. If you plan to sell within 2-3 years. If you expect your income to increase		Periodic payment and rate increases, builds equity Slower payment increases may affect budget.

Adjustable Rate Mortgage (ARM)
Advantages:		Disadvantages:
Lower starting rate than 30 year fixed great for refinancing from a higher rate use when you plan a move in 3-10 years. Some are convertible to 30-yr fixed or a treasury ARM, low fees, good rates.		Loan Balance Due can Change Long Term Financial Planning If You Plan to Live There Over 3-10 Years.

15, 30 or 40 Year Fixed Rate
Advantages:		Disadvantages:
Maximum Interest Deduction for Taxes. Higher Loan to Value allowed.		Anything over 80% will require Mortgage Insurance Also usually a higher Interest Rate and higher Payment.