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What Product
Is Right For Me? |
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| Yours
plan to stay in the house |
Recommended
program |
| 1-3yrs. |
3/1
ARM, 1 year ARM or 6 month ARM |
| 3-5yrs. |
5/1
ARM |
| 5-7yrs. |
7/1
ARM |
| 7-10yrs. |
10/1
ARM, 30 year fixed or 15 year
fixed |
| 10+yrs. |
30
year fixed or 15 year fixed |
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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
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Higher interest rate
Higher mortgage payments
Rate does not drop if interest rates improve
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Adjustable
Rate Mortgages
10/1
ARM
7/1
ARM
3/1
ARM
1
year ARM
6
month ARM
1
month ARM
*Interest
Only Available
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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
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More risk
Payments may change over time
Potential for high payments if rates go up
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Stated
Income Programs
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Don’t need to verify income
Faster approval
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Higher rates
Higher down payment
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No
point, No fee Programs
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No closing costs
Less money required to close
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Higher rates
Higher payments
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Home
Equity Line of Credit
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You only borrow what you need
Pay interest only on what you borrow
Flexible access to funds
Interest may be tax deductible
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Rates can change. The maximum interest
rate is normally high.
Payments can change
Harder to refinance your first mortgage
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Home
Equity Fixed Loan
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Fixed payments
Interest may be tax deductible
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Higher interest rates than on
1st mortgages
Harder to refinance your first mortgage
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Besides
our standard loan programs, we also have a large number
of unique programs to serve your needs:
Purchase a house with 0 down
Piggyback loans 80-20
Debt consolidation programs
Construction loans
Interest only
True NO-DOC loans
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