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Fixed-Rate Mortgages have the same monthly payments and interest rate for the entire life of the loan.
The longer the mortgage term the lower the monthly payment and shorter the mortgage term the quicker you will build equity
in your home. The mortgage terms available are as follows a 10yr, 15yr, 20yr, 25yr, 30yr and 40 year.
Jumbo loans are loan amounts greater than $417,000 and you can choose between a 15yr, 20yr or a 30 year term .
People Who Look For Fixed-Rate Mortgages:
- Want the same monthly payment over the life of the loan.
- Will take a slightly higher interest rate in return for peace of mind from fluctuations to mortgage rates.
- Want to build equity in their property by making the same principal and interest payment.
Fixed-Rate Interest Only Loan - Offers peace of mind with a fixed rate while having the ability of making a
interest-only mortgage payment. This option allows you to take the money that you usually put towards the principal portion
of your monthly payment and use it towards other expenses such as investments or high-interest debt. You can make larger
payments when your budget permits and pay down more of your loan. This is not a negative amortization loan.
People Who look For An Fixed Rate Interest Only Loan:
- You are sure that your income will increase or your situation will improve in the short term
- Sure that you will be moving out or selling the house in the near future
- You have the discipline to use your monthly savings and apply them towards other priorities such as high interest debt.
Adjustable-Rate-Mortgages (ARMS), supply a short term initial fixed-rate followed by periodic adjustments up or
down based on the current interest rate market. Your initial interest rate with an ARM is often lower then on a fixed rate
mortgage and you will get the benefits of a lower interest rate if rates continue to drop after your initial fixed mortgage rate
term expires. ARMS have fixed initial rates for a term of 1yr, 3yr, 5yr, 7yr or 10yr period and then the interest rate may
adjusts bi-annually or annually after the initial fixed rate term expires.
Adjustable Rate Interest-Only Mortgage. Since this particular mortgage option has a lower monthly payment then
a conventional fixed rate mortgage it will allow you to take the money that you usually put toward the principal portion of your
loan payment and use it for other priorities, such as high-interest debt or unexpected expenses. Your monthly payment will
only consists of the interest due on the mortgage.
People Who Look For Adjustable Rate Mortgages:
-Want extra borrowing power since the lower rate provides lower monthly payments than a traditional fixed-rate mortgage
would.
- Want to save money with the lower monthly payments.
- Plan to move or refinance their property in near future.
Balloon Mortgages offers a lower short term interest rate than a traditional fixed-rate mortgage while still offering a
fixed rate for a predetermined amount of years. The difference between this loan and a traditional Adjustable Rate Mortgage is
that after the initial term of 3,5 or 7 years you will need to pay off the entire balance of the loan. With more competitive
adjustable rate programs Balloon Mortgages have fallen out of Favor.
The longer the mortgage term the lower the monthly payment and shorter the mortgage term the quicker you will build equity
in your home. The mortgage terms available are as follows a 10yr, 15yr, 20yr, 25yr, 30yr and 40 year.
Jumbo loans are loan amounts greater than $417,000 and you can choose between a 15yr, 20yr or a 30 year term .
People Who Look For Fixed-Rate Mortgages:
- Want the same monthly payment over the life of the loan.
- Will take a slightly higher interest rate in return for peace of mind from fluctuations to mortgage rates.
- Want to build equity in their property by making the same principal and interest payment.
Fixed-Rate Interest Only Loan - Offers peace of mind with a fixed rate while having the ability of making a
interest-only mortgage payment. This option allows you to take the money that you usually put towards the principal portion
of your monthly payment and use it towards other expenses such as investments or high-interest debt. You can make larger
payments when your budget permits and pay down more of your loan. This is not a negative amortization loan.
People Who look For An Fixed Rate Interest Only Loan:
- You are sure that your income will increase or your situation will improve in the short term
- Sure that you will be moving out or selling the house in the near future
- You have the discipline to use your monthly savings and apply them towards other priorities such as high interest debt.
Adjustable-Rate-Mortgages (ARMS), supply a short term initial fixed-rate followed by periodic adjustments up or
down based on the current interest rate market. Your initial interest rate with an ARM is often lower then on a fixed rate
mortgage and you will get the benefits of a lower interest rate if rates continue to drop after your initial fixed mortgage rate
term expires. ARMS have fixed initial rates for a term of 1yr, 3yr, 5yr, 7yr or 10yr period and then the interest rate may
adjusts bi-annually or annually after the initial fixed rate term expires.
Adjustable Rate Interest-Only Mortgage. Since this particular mortgage option has a lower monthly payment then
a conventional fixed rate mortgage it will allow you to take the money that you usually put toward the principal portion of your
loan payment and use it for other priorities, such as high-interest debt or unexpected expenses. Your monthly payment will
only consists of the interest due on the mortgage.
People Who Look For Adjustable Rate Mortgages:
-Want extra borrowing power since the lower rate provides lower monthly payments than a traditional fixed-rate mortgage
would.
- Want to save money with the lower monthly payments.
- Plan to move or refinance their property in near future.
Balloon Mortgages offers a lower short term interest rate than a traditional fixed-rate mortgage while still offering a
fixed rate for a predetermined amount of years. The difference between this loan and a traditional Adjustable Rate Mortgage is
that after the initial term of 3,5 or 7 years you will need to pay off the entire balance of the loan. With more competitive
adjustable rate programs Balloon Mortgages have fallen out of Favor.
Pay Option Arms - Are flexible mortgages that will work around your changing budget or financial goals.
This type of loan is recommended for borrowers who look for:
-The ability to manage their own monthly cash flow as they see fit.
-Ability to make the monthly payment that best fits their financial situation at that particular time.
-Ability to manage monthly savings and to use those funds for other obligations or to pay down high interest debt.
-Maximize the tax advantages of their monthly mortgage payments
-WITH AN PAY OPTION ARM LOAN you will have options in regards to the amount you wish to pay each month.
Four different payment options to choose from each month.
Option 1. Minimum Payment - With this option you can make a reduced monthly payment which would be less then the
normal principal and interest payment. This particular option lets you best manage your cash flow and you can also defer your
interest portion of the monthly payment letting you best managing your tax deductions. The maximum amount you can defer
is 10% of the original loan amount.
Option 2. Interest-Only Payment** - This option allows you to take the money that you would usually put towards
theprincipal potion of your monthly payment and use it towards other expenses such as investments or high-interest debt.
You can make larger payments when your budget permits and pay down the loan with no prepayment penalty.
Option 3. 30-Year Amortizing Payment - Gives you the ability to pay off your loan based on a traditional 30yr
mortgage schedule which has equal payments for a predetermined time frame.
Option 4. 15-Year Amortizing Payment - Gives you the ability to pay off your loan based on a traditional 15yr
mortgage schedule which has equal payments for a predetermined time frame.
This type of loan is recommended for borrowers who look for:
-The ability to manage their own monthly cash flow as they see fit.
-Ability to make the monthly payment that best fits their financial situation at that particular time.
-Ability to manage monthly savings and to use those funds for other obligations or to pay down high interest debt.
-Maximize the tax advantages of their monthly mortgage payments
-WITH AN PAY OPTION ARM LOAN you will have options in regards to the amount you wish to pay each month.
Four different payment options to choose from each month.
Option 1. Minimum Payment - With this option you can make a reduced monthly payment which would be less then the
normal principal and interest payment. This particular option lets you best manage your cash flow and you can also defer your
interest portion of the monthly payment letting you best managing your tax deductions. The maximum amount you can defer
is 10% of the original loan amount.
Option 2. Interest-Only Payment** - This option allows you to take the money that you would usually put towards
theprincipal potion of your monthly payment and use it towards other expenses such as investments or high-interest debt.
You can make larger payments when your budget permits and pay down the loan with no prepayment penalty.
Option 3. 30-Year Amortizing Payment - Gives you the ability to pay off your loan based on a traditional 30yr
mortgage schedule which has equal payments for a predetermined time frame.
Option 4. 15-Year Amortizing Payment - Gives you the ability to pay off your loan based on a traditional 15yr
mortgage schedule which has equal payments for a predetermined time frame.
No Income Verification Loans: For some people their financial privacy is a must due to the fact they may own
businesses, make large commissions, live off investments or get paid in cash. For these people there are "No Income and No
Asset Verification" loan programs available. There are also people that don't wish to provide any information for things such
as current employment but they do however have the ability to repay a mortgage and the "No Documentation Loan" is for
them, all they would need to do is provide some very basic information such as name and address.
The "no income verification" and "no-doc" mortgages have different requirements for the amount of documentation
you will need to supply. The one common factor for both programs is that a credit report will be pulled and the higher credit
score will translate to less down payment required. In todays market 100% financing options are available for all different
types of properties
The No Income Verification Loan is for people who make enough money but the bottom line of there tax returns
shows a different story. They may work for cash like some people in the cleaning industry or in the restaurant business.
Self-employed borrowers are another good example because they may actually make enough gross income but write off a lot
on their tax returns. Often these people have the ability to repay the loan.
A No-Doc Loan is for people looking for the maximum amount of privacy. The "No Doc Loan" requires the least
amount of paperwork and in some cases all the borrower has to provide will be his or her name, Social Security number,
down payment if any and the property address. The only other requirement will be that the lender will pull a credit report and
order an appraisal.
"Lenders look at the layered risk," The different layers include the credit score, the amount of assets, size of down payment
and the degree of openness that the borrower shows for what they do for a living. The interest rate that a borrower receives
will depend on many things but the less documentation, the higher the rate.
businesses, make large commissions, live off investments or get paid in cash. For these people there are "No Income and No
Asset Verification" loan programs available. There are also people that don't wish to provide any information for things such
as current employment but they do however have the ability to repay a mortgage and the "No Documentation Loan" is for
them, all they would need to do is provide some very basic information such as name and address.
The "no income verification" and "no-doc" mortgages have different requirements for the amount of documentation
you will need to supply. The one common factor for both programs is that a credit report will be pulled and the higher credit
score will translate to less down payment required. In todays market 100% financing options are available for all different
types of properties
The No Income Verification Loan is for people who make enough money but the bottom line of there tax returns
shows a different story. They may work for cash like some people in the cleaning industry or in the restaurant business.
Self-employed borrowers are another good example because they may actually make enough gross income but write off a lot
on their tax returns. Often these people have the ability to repay the loan.
A No-Doc Loan is for people looking for the maximum amount of privacy. The "No Doc Loan" requires the least
amount of paperwork and in some cases all the borrower has to provide will be his or her name, Social Security number,
down payment if any and the property address. The only other requirement will be that the lender will pull a credit report and
order an appraisal.
"Lenders look at the layered risk," The different layers include the credit score, the amount of assets, size of down payment
and the degree of openness that the borrower shows for what they do for a living. The interest rate that a borrower receives
will depend on many things but the less documentation, the higher the rate.
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Which Mortgage Program Is Right For You?
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