Loan Programs
30-year fixed rate mortgage
The traditional mortgage remains a favorite of borrowers. Although the interest rate is generally higher than the starting rates on other loan types, your interest rate and payment will remain fixed for 30 years with this type of loan, and that's a bonus to planning your long-term finances.
A variety on this is a fixed-rate loan with a term of 15 or 20 years. Required monthly payments on these loans will be significantly higher than on a 30-year fixed, but you will build equity faster and, in the long term, pay much less in interest. Most lenders allow you to prepay principal on a 30-year loan, so you can retire the debt earlier. Some lenders also offer 40-year terms, which lowers the monthly payment, but stretches out your indebtedness significantly and boosts the total amount you will have spent on interest.
Interest-only mortgages
As the name implies, these loans, usually an ARM or a hybrid, allow a borrower to make interest-only payments during the first two, three, or five years. After that, borrowers are expected to repay principal and interest in order to pay off the loan within the remaining years of its term.
Payment-option loans
They come by different names, usually incorporating the words option or choice. These loans offer borrowers a choice of two or three payments each month, but their complexity grows right along with those choices.
 |
||||||||
4 ways to make mortgage payment with option loans |
||||||||
|
||||||||
|
||||||||
|
Second Mortgage Loans
These subordinate loans that don't bother your current first mortgage. They are great for Cash-Out Situations.
High Debt Consolidation/Cash Out loans
Take Advantage of the Equity in your home by paying off those high interest Credit Cards and other consumer debt. This helps to free up a tremendous amount of cash flow.
Investment Properties
Get into the Real Estate Game, with 0% Down, and own a rental property.
Construction Loans
This loan will finance up to 90% of the cost of land plus construction costs with a one-time fixed rate closing.
If you're shopping for mortgages or just have some questions, give us a call:
Toll Free 877-7-GO-FIRST No obligation! Just answers!