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Loan Programs

Years planned to own house	Recommendation
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs
Fixed Rate Mortgages Features 30 year fixed 15 year fixed Interest rate stays fixed and does not increase over the life of the loan Mortgage payments stays the same over life of the loan Interest rate may be higher Interest rate does not decrease when the prime rate falls. Adjustable Rate Mortgages Features 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM Monthly payment initially lower Payments may decrease if interest rates decrease Payments may vary throughout time Payments may increase if interest rates increase Balloon Mortgages Features 7 year 5 year Initial monthly payments are lower Loan can convert to a new loan after the initial term. After initial period of loan, interest rates can increase First Time Home Buyer Programs Features   Lower down payment Easier to qualify Subject to income and property value limitations Stated Income Programs Features   Income verification not necessary Higher interest rates Higher down payment No point, No fee Programs Features   No closing costs Less money required to close Higher rates leading to higher monthly payments Home Equity Line of Credit Features   Borrow as needed Interest portion of payment may be tax deductible Interest rates can increase causing monthly payment to increase. Make refinancing 1st mortgage more difficult. 2nd Mortgage Loan Features   Fixed payments Interest portion of payment may be tax deductible Higher interest rates than on 1st mortgage loan Make refinancing 1st mortgage more difficult.

As well as many other programs. Call to find out.