| Programs |
| |
| Program |
Advantages |
Disadvantages |
Fixed Rate Mortgages
30 year fixed
20 year fixed
15 year fixed
10 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
|
- 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
|
- More risk
- Payments may change over time
- Potential for high payments if rates go up
|
|
| Products |
| Product |
|
|
- Conventional
- FHA
- VA
- New Construction Loans
- First Time Home Buyers
|