Mortgage Products

Loan Programs

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Created on Wednesday, 11 October 2006 05:19
Last Updated on Tuesday, 05 April 2011 05:58
Published on Tuesday, 10 October 2006 06:00
Written by Administrator
Hits: 1316

"THE BEST RATE ON THE WRONG LOAN IS FAR MORE EXPENSIVE THEN A FAIR RATE ON THE RITGHT LOAN"

Loan Program Advantages Loan Faatures
40 Year Fixed
  • Afford more home
  • Planning to keep the home more than 5 years
  • Lower monthly payment
  • Rate lock
30 Year Fixed
  • Fear of rising interest
  • Planning to keep the home more than 5 years
  • Lower interest payments over the life of the loan
  • Rate lock
20 Year Fixed
  • Build equity faster
  • Payoff loan sooner
  • Planning to keep the home more than 5 years
  • Lower interest payments over the life of the loan
  • Rate lock
15 Year Fixed
  • Build equity faster
  • Payoff loan sooner
  • Planning to keep the home more than 5 years
  • Lower interest payments over the life of the loan
  • Usually the lowest rate on fixed product
  • Rate lock
FHA Loan
  • Low downpayment
  • Less than perfect credit
  • Federally Insured
  • Low down payment 3% min.
  • No minimum credit score
  • No area income limits
Stated Income
  • Self-employed
  • Difficulty documenting income
  • No tax returns or W2 required
  • No income varification required
Cash-Out Refi
  • Cash out without second mortgage payment
  • One mortgage
  • One payment
  • Rates typically lower than credit cards
Fixed Period ARMs
  • Purchase more home or lower payments
  • Plan to sell or refi before adjustment period
  • 1,3,5,7,10 year terms available
  • Lower rates
Interest-Only
  • Lowest possible monthly payment
  • Save monthly payment keep the cash
  • Afford more home by effectively changing DTI
  • Low monthly payments
  • Principal payment optional
  • Greater monthly cash flow
HECM "Reverse"
  • Most popular
  • Cash, credit line, monthly income or combination options
  • Maximum limit $362,790
  • Government insured
  • Social security or medicare eligibility
  • Loan proceeds are tax free
  • No income qualifications
Home Keeper

 

  • Highly use for CO-OP properties "certain states"
  • Cash, credit line, monthly income or combination options
  • Maximum limit $417,000
  • Government sponsored
  • Social security or medicare eligibility
  • Loan Proceeds are tax free
  • No income qualifications

 
Cash Account Advantage
  • Jumbo or high valued home
  • Substantial home equity
  • Credit line option
  • Combo option
  • Cash out option