Fixed
Rate Mortgages
30
year fixed
15
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 |
| | |
|
| |
Adjustable
Rate Mortgages
10/1
ARM
7/1
ARM
5/1
ARM
3/1 ARM
1
year ARM
6
month ARM
1
month 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 |
| |
|
| |
|
Balloon
Mortgages
7
year
5
year |
| 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. |
| |
|
| |
| First
Time Buyer Programs |
| Lower
down payment
| Easier
to qualify
| Sometimes
you may get lower rates |
| |
|
| |
| Stated
Income Programs |
| Income
verification not needed
| Faster
approval |
|
|
| |
| 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 |
|
|
| |
| 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 |
| | |
|
| |
| Home
Equity Fixed Loan |
| Fixed
payments
| Interest
may be tax deductible |
|
|
| |
