Which loan is right for me?
| Years you plan to stay in the house | Recommended program |
| 1 to 3 years | 3/1 ARM, 1 year ARM or 6 month ARM |
| 3 to 5 years | 5/1 ARM |
| 5 to 7 years | 7/1 ARM |
| 7 to 10 years | 10/1 ARM, 30 year fixed or 15 year fixed |
| 10+ years | 30 year fixed or 15 year fixed |
Loan Options
| Loan Programs | 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 |
| Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM |
• Lower initial monthly payment • Lower payment over a shorter period of time • Rates and payments may go down if rates improve • May qualify for higher loan amounts • Interest only payment options |
• More risk • Payments may change over time • Potential for high payments if rates go up |
| 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 |
• Rates can change. The maximum interest rate is normally high. • Payments can change • Harder to refinance your first mortgage |
| Home Equity Fixed Loan | • Fixed payments • Interest may be tax deductible |
• Higher interest rates than on 1st mortgages • Harder to refinance your first mortgage |
Besides our standard loan programs, we also have a large number of unique programs to serve
your needs:
• Debt consolidation programs
• Home Improvement loans
• Qualify even if you may have been turned down before!
• Private money loans
