Home Loans - Types of Loans
TYPES OF LOANS
Zero Down
- Ideal for people who either don't have a lot of ready cash for a down payment or are saving their funds for other uses.
- Increases savings by avoiding PMI (mortgage insurance).
- Increases the amount of your mortgage tax deduction.
Fixed Rate
- This loan is for people planning to stay in a home for more than five years.
- Stability and peace of mind with fixed principal and interest payments for the life of you loan.
- Protect yourself from rising rate increases.
Fixed ARMs
- A "fixed period" ARM offers the lowest rates. A great choice if you're planning to move or refinance within the initial fixed loan period.
- Adjustable Rate Mortgages (ARMs) offer the stability of rates fixed for 1 month, 6 months, 1-, 3-, 5-, 7- or 10 years.
- A great way to buy more home or minimize monthly payments.
Pay Option ARM
- Manage your cash better with flexible payment options - ideal for investors or a borrower with an inconsistent stream of income.
- Initial rates as low as 1%; down payments as low as 5%.
- The advantages of an ARM combined with up to 4 monthly
payment options.
- Available on owner-occupied, vacation and investment properties.
Interest-Only
- Want lower payments? Pay only the interest - not the principal - for
the first 10 years.
- Frees up cash for investments, home improvements, etc. or use the savings to qualify for up to 25% more home.
- Ideal if you're planning to move or refinance before the interest-only period expires.
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