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Loan Programs

Fixed Rate Mortgages
The traditional fixed rate mortgage is the most commmon type of loan, where monthly principal and interest payments never change throughout the life of the loan.

Adjustable Rate Mortgages (ARM)Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages.

Accelerated Mortgages
Unlike the traditional mortgage the Accelerated Mortgage helps borrowers pay their mortgage off in as little as half or a third of the time of a traditional mortgage.  New to the United States, accelerated mortgages combine the checking account with the mortgage account slashing the amount of interest paid over the life of the loan, building equity faster by driving the principle balance down on a daily basis.  You become the BANK!

Interest Only Mortgages
A mortgage is called “interest only” when its monthly payment does not include the repayment of principal for a certain period of time.

Components of an ARM
To understand an ARM, you must have a working knowledge of its components.

Commonly Used Indexes for ARMsThis is a list of the most commonly used indexes by ARM lenders.

Balloon Mortgages
Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.

Reverse Mortgages
Reverse Mortgages are a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse mortgages can be distributed either in a lump sum, regular monthly payments, line of credit or in a combination of those options. When the house is sold, or the last remaining borrower dies or moves out of the home, the loan amount plus the accrued interest is due and repaid. The borrower nor heirs can never owe more than the value of the home. This is called a no-recourse loan. There are no restrictions on how reverse mortgage funds are used. Age requirement is 62 years of age and older. Heirs retain ownership and have ample time to refinance or sell the home to pay off the reverse mortgage.

Graduated Payment Mortgages
Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan.

What kind of loan program is best for you?
So what kind of mortgage is best for you? Fixed rate? Adjustable rate? Government loans? The truth is, there is no one correct answer.

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