Section 7 _What's
Out There?…An Overview of Mortgage Programs
To
properly analyze the appropriate mortgage program for you,the
length of time you plan to live in your property, or retain it,
if it is an investment property is a priority consideration. An
adjustable or balloon loan may be an excellent choice if you are
only going to have the property for a short period of time. A
fixed-rate mortgage with a longer term would apply if you plan
to keep the house for a longer period of time.
Understanding of the relationship between rates and points is
important . Points are considered to be prepaid interest and may
be tax-deducible. Please consult your tax advisor in reference
to your specific situation.
Each point is equal to one percent (1%)
of the loan amount. The more points you are willing to pay, the
lower the interest rate will be. Choosing a mortgage program also
depends on:
- Your current financial picture.
- How you expect your finances to change.
- How long you intend to keep your house.
- How comfortable you are with adjustable payments.
Don't
miss the Dynamic lowest payment INTEREST-ONLY Program below!
A 15-year Fixed Rate Mortgage can save you thousands
of dollars in interest payments over the life of the mortgage;
however, your monthly payments will be higher. An Adjustable Rate
Mortgage (ARM) will get you started with a lower monthly payment
than a fixed rate mortgage, but your payments could go higher
when interest rates change. The best way to navigate through the
"ARM mine field" is to define your plans, finances and
financial prospects in your future.
Shopping for a mortgage...the right mortgage
for you...can be very time-consuming and frustrating.
With so many programs to choose from, each with features and guidelines
which may or may not suit your needs, our expertise in evaluating
your situation and recommending the most suitable "mix"
for you customizes your mortgage to your goals.
Custom programs which are a "mix"
and additional specialty programs such as "GIFT OF EQUITY"
Purchase Mortgages and Interest-Free Programs are just some
of the many variations available in the wholesale marketplace.
Achieving the correct 'balance' of all desired
elements in your mortgage financing, while recommending ways to
save you money in restructuring your debt is our expertise. As
circumstances change for our clients through the years, we are
there for them. Relationship-Based.
INDEX
Mortgage
Programs…Arms
To
Zero-Down!
Click on the Mortgage Type Below You Wish to
Research
Dynamic
lowest payment INTEREST-ONLY Program!
Some General
Mortgage Types
"No Cost"
Mortgages
Fixed Rate Mortgages
Adjustable Rate Mortgages
Most
Common ARM Terms
Index
Margin
Interim Caps
Payment Caps
Lifetime Caps
Other
Mortgage Options
Buy-down Options
Balloon Mortgages
GPM Graduated Payment Mortgage Balloon
Mortgage
Reverse Mortgages
Home Equity Mortgage
Subprime (Non-A) Mortgages
FHA
Mortgages
FHA Loan Features
FHA Loan Facts
VA
Mortgages
VA Loan Features
VA Loan Facts
Sampling of Miscellaneous
Mortgage Programs
Zero Down Programs
107% Programs
JUMBOS & Super JUMBOS
No Doc/Stated Income
High D.T.I. Programs
Investor Programs
Flex 97% Programs
LAND LOAN Programs
2nd Liens
125% 2nd Programs
…and many, many more…
