Loan Programs

Loan Program Features

Programs Advantages Disadvantages
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 interest rates increase
  • Refinance if interest rates decrease
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Adjustable Rate Mortgages
  • 10/1 ARM
  • 7/1 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
  • More risk
  • Payments may change over time
  • Potential for high payments if rates increase
First Time Buyer
  • Lower down payment
  • Easier to qualify
  • May get lower rates
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.

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Glossary of Mortgage Terms