Loan Programs
 
CHOOSING THE LOAN THAT'S RIGHT FOR YOU
Many different factors go into the mix to determine the right mortgage for you -- prime among them is the number of years you plan to stay in your house. For example, if you plan to stay in your house anywhere from one to three years, you might consider a 3-year adjustable rate mortgage (ARM). This type loan has a low start rate for the first three years than adjusts annually thereafter. Accordingly, if you plan to stay in your home for 3 to 5 years, 5 to 7 years, 7 to 10 years we have 5, 7, and 10 year ARM's as well as 30 and 15 year fixed rate loans.
 

Adjustable Rate Mortgage (ARM) - 10/1 ARM; 7/1 ARM; 3/1 ARM; 1 year ARM; 6 month ARM; 1 month ARMThese Loans begin with an interest rate that is lower than a comparable fixed rate mortgage, accordingly, the monthly payment is lower for the term that the rate is fixed, i.e., if the loan is a 10/1 ARM...it is fixed for the first 1o years and adjustable every year thereafter. The rate and monthly installment can change dramatically after the specified interval of the ARM.


 

 

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