| If you... |
Choose this mortgage... |
And enjoy these benefits... |
Plan on owning the property for several years.
Prefer the stability of fixed monthly payments. |
Fixed-rate Mortgage |
Fixed monthly payments for the life of the loan.
Protection against rising interest rates.
A variety of terms, including shorter-term loans to help you minimize interest and fees and build equity faster. |
Plan on owning the property for a short period of time.
Expect your income to rise over the next few years. |
Adjustable-rate Mortgage (ARM) |
Low qualifying rates.
Stability of low fixed rate for set period of time.
Choose from 1-, 3-, and 5-year initial fixed rate before adjustment period. |
Are a first time homebuyer.
Have less than perfect credit.
Have limited funds for down payment.
Fall short of meeting the typical "conforming" or "subprime" guidelines.
|
Federal Housing
Administration
(FHA)
Direct Loan
|
Flexible approval requirements.
No prepayment penalties.
Fixed rate products only, no adjustments.
|
| Seek a mortgage in excess of $417,000. |
Jumbo and Super Jumbo Mortgage |
A loan in excess of Fannie Mae limits — More equity out of your home.
Choose from a variety of jumbo products including fixed-rate and several ARM options. |
| Plan on building or renovating a home. |
Construction-to-Permanent Mortgage |
An "all-in-one" mortgage loan that offers interest-only payments for up to 12 months during construction and then automatically rolls over to permanent financing for the remainder of your loan term.
Only one closing required. |
| Want to refinance or purchase a home, and have more manageable payments at least in the short term |
Interest Only Loans |
30 year loan program with an intriductory period(usually 5-10 years) during which you are only responsible for making the interest payments
Available on Fixed rate loans and ARM mortgages
More manageable monthly payments
Increased monthly cash flow |
