Mortgage Information

Benefits include:

• Monthly payments for principle and interest remain the same over the life of the loan (no surprises)
• Lower monthly payments when amortized over a 30-year payment period (360 payments)

Benefits include:

• Monthly payments of principle and interest remain the same over the life of the loan (no surprises)
• Substantial savings of interest over the life of the loan (example: $100,000 loan at 8% amortized over a 30-year period the total interest paid is $164,166.27. The same loan amount, same interest rate amortized over a 15-year period is $72,017.41. The money saved in interest is $92,148.86.)
• Payments are approximately 25-30% higher when amortized over a shorter period of time (15-year amortization vs.a 30-year amortization)

Benefits include:

• Less cash needed at closing. The interest rate will usually be 1/2 to 3/4 of a percent higher when compared to loans that have points to pay at closing

Benefits include:

• Slightly lower rate and/or less fees than the conventional 30-year fixed rate loan
• Payment of principle and interest remains the same over the 7-year period of time

*Remember, at the end of the 7 years, you will need to pay off the remaining balance with either a lump sum of cash or re-finance the remaining loan amount

There are many options with adjustable rate mortgages; the most popular tends to be the 1-year adjustable rate mortgage with a 30-year amortization schedule.

Benefits include:

• Lower interest rate for the 1st year
• Easier to qualify for the loan amount
• You can qualify for a larger loan amount
• In a market when rates are going down, a year ARM offers the ability to adjust downward at the 1 year anniversary of your loan

There are many loan products available

• Easier to qualify for loan programs than conventional financing
• Less down payment needed

We would be happy to discuss the various options with you and help you determine which loan program best fits your personal situation.