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Which Loan is best for You?
To help determine the best loan program for you, consider the following:
How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter term, such as a 15-year, fixed-rate mortgage.
How important is it to have the lowest payment possible?
Going from a 15 or 20 year term to a 30 year term may substantially reduce your payment. You should also consider an adjustable rate mortgage if you plan to be in your home 10 years or less.
We have highlighted the most common loan programs below. The characteristics and benefits of each loan program are unique, so give us a call and we'll gladly go over the details and help you decide which program will best fit your goals.
Fixed Rate Mortgages:
Interest rate does not change.
Principal and interest (P & I) payment does not change.
Fixed-rate mortgages fully amortize over a defined period of time (the loan term) and are paid in-full at the end of this period.
Loan terms of 10, 15, 20, 25, and 30-years are available so you can choose the term best for your unique situation.
The shorter the loan term, the faster equity is built and the sooner the loan is paid off.
Adjustable Rate Mortgages:
Interest rate may change after an initial fixed-rate period.
Principal and interest (P & I) payment fluctuates as the interest rate adjusts.
ARMs are especially attractive if you plan to be in the home for a limited time.
ARMs offer borrowers initial interest rates that may be substantially lower than fixed-rate mortgages.
As interest rates rise ARMs will remain attractive low rate options.
ARMs offer fixed rate lengths of 5, 7, or 10-years allowing you to choose the perfect fixed rate period.
The lower interest rate may help borrowers qualify more easily.
Interest Only Mortgages:
There are no reductions to the principal amount.
There is no provision for negative amortization.
Payments may increase up to an amortized amount, but the loan balance itself does not increase.
Generally, interest-only payments are limited to the first 5, 10 or 15 years of the loan.
After that, the loan is amortized for the remainder of its term.
Lending in: Alabama (20357/20898); California: Licensed by Department of Corporations, California Finance Lenders Law (CA-DOC603J195); Colorado: (38958); Florida (MLD343); Louisiana (RML 2601-0); Mississippi: Licensed by the Mississippi Department of Banking and Consumer Finance (508/2004); North Carolina (L-166697); Tennessee (108932)