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Which loan is right for me?
Years you plan to stay in the houseRecommended program
1-3 Adjustable Rate Mortgage
3-5 Adjustable Rate Mortgage
5-7 Adjustable Rate Mortgage
7-10 Adjustable Rate Mortgage or Fixed Rate Mortgage
10+ Fixed Rate Mortgage
Loan Programs                   Advantages                 Disadvantages
Fixed Rate Mortgages
  • 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
  • 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 increase over time
  • Potential for high payments if rates go up
Balloon Mortgages
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term.
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs
 
  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
  • Possibilty for grant(s) to assist with down payment and/or closing costs
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.
Imperfect Credit Programs
 
  • Potential for reestablishing credit if you pay your mortgage on time.
  • When used for debt consolidation, you may be able to reduce your monthly debt payment
  • Higher rates
  • Terms may not be as favorable
  • Harder to get long term fixed loans
  • Loans may have prepayment penalties
Home Equity Line of Credit
 
  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible *
  • Rates can change. The maximum interest rate is normally high.
  • Payments can change
  • Harder to refinance your first mortgage
*Consult your tax advisor regarding the deductibility of interest
Home Equity Fixed Loan
 
  • Fixed payments
  • Interest may be tax deductible *
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage
*Consult your tax advisor regarding the deductibility of interest

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • Purchase a house with little money down
  • CDA
  • DSELP
  • Piggyback loans 80-10-10. No PMI payments even with 5% or 10% down.
  • Debt consolidation programs
  • Home Improvement loans
  • Investor Financing
  • Manufactured & Modular Home Loans
  • Possibly qualify even if you may have been turned down before!