Loan Programs

Real estate is the largest financial commitment most people will ever make. We excel at matching lenders, loans, and borrowers. And we’re dedicated to helping clients make wise choices about their real estate financing.

Fixed Rate Mortgages

Loan Programs	Advantages	Disadvantages
30 year fixed	Monthly payments are fixed over the life of the loan	Potentially higher interest rate
20 year fixed	Interest rate does not change	Potentially higher mortgage payments
15 year fixed	Protected if rates go up Can refinance if rates go down	Rate does not drop if interest rates improve

Adjustable Rate Mortgages

Loan Programs	Advantages	Disadvantages
10/1 ARM	Lower initial monthly payment
7/1 ARM	Lower payment over a shorter period of time	Payments may change over time
5/1 ARM	Rates and payments may go down if rates improve	Potential for high payments if rates go up
3/1 ARM

Interest Only Mortgages

Loan Programs	Advantages	Disadvantages
30 year I.O. Period	Lowers monthly payments Makes housing more affordable	After first 10 years, potentially increases mortgage payments
10 year I.O. Period
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM

First-Time Buyer Programs

Loan Programs	Advantages	Disadvantages
	Lower down payment	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell early.

No Point, No Fee Programs

Loan Programs	Advantages	Disadvantages
	No closing costs Less money required to close	Higher rates Higher payment

FHA and VA Loans

Loan Programs	Advantages	Disadvantages
FHA Loan	Loan is insured by the Federal Housing Administration to all qualified home buyers. Loans are generous enough to handle moderate-priced homes.	There are limits to the size of FHA loans.
VA Loan	Loan is insured by the Veteran’s Administration.	Only available to eligible veterans.