Mortgages and Home Finance

The following is a quick overview of the types of Mortgage Programs that are availble. Feel free to click on each type of program for additional information or please contact one of our loan counselors directly at 1.866.963.2938

Popular Mortgage Programs

Fixed Rate : Monthly principal and interest payments do not change over the term of the loan, this means your mortgage expenses are easily anticipated. If you believe interest rates are going to increase and you will own your home for a very long time, this may be the best option for you. You can choose from 30, 25, 20 and 15 year programs to best suit your needs.

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Fixed Rate Mortgages

Home Equity Loans / Lines Of Credit : A home equity loan enables you to borrow money in a lump sum against the equity (the value of your home minus what you owe) you have built up in your home. This loan is subordinate to the existing first mortgage. Buyers commonly use a second mortgage to keep their first mortgage in the conforming range (which keeps the rate lower) and to avoid PMI. Home equity loans are often used to pay off credit card debt, pay tuition or to make major renovations to a home. If you want to get cash out this may be the best option for you.

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Home equity lines of credit

Adjustable Rate : The interest rate on this loan will be fixed for a stated period of time and will then become adjustable for the remainder of the loan. For example, a 5-year fixed (30-year) loan would have a fixed interest rate for the first five years and then convert to an adjustable rate for the remaining 25 years. You can choose from 7, 5, 3, 1 year and 6 month programs. If you believe you will own your home for less than 5 years, this may be the best option for you.

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Adjustable Rate Mortgages