| 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
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- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates improve
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| 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.
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- 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
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| 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
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- Higher rates
- Terms may not be as favorable
- Harder to get long term fixed loans
- Loans may have prepayment penalties
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| Home Equity Fixed Loan |
- Fixed payments
- Interest may be tax deductible
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- Higher interest rates than on 1st mortgages
- Harder to refinance your first mortgage
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Besides our standard loan programs, we also have a large number of unique
programs to serve your needs:
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