FIXED RATE- Your rate will never change for the term of you loan. Currently you may borrow up to $697,500 with a conventional loan program. Terms are available from 10 to 30 years. Jumbo Loans are currently available with competitive rates to $1.5Million. Currently, there are minimum down payment options as low as 10% on purchases.
ARM-(Adjustable Rate Mortgage) The advantage of this program is a lower rate and payment for a fixed term. Currently these fixed terms extend from 1 to 10 years prior to any rate adjustment. The borrower can have the assurance of a fixed rate for a set term while affording more house for their investment. Normally, ARM's have limits to rate increases annually and for the term of the loan. Another advantage with some ARM products is the availability of I/O (Interest Only) payments for a set term.
FHA- This program is especially attractive to First Time Home Buyers. With as little as 3.5% down on your purchase you can qualify for the purchase of you dream home. Another advantage of this program is that parents, family can gift part or all of the down payment to the borrowers.
REVERSE MORTGAGE-Once both borrowers attain the age of 62 they can qualify for the HUD supervised plan that allows seniors to never have to make another mortgage payment for as long as they live in their home. That's right, no more mortgage payments while at the same time possibly receiving cash monthly and borrowing additional funds with a home equity line for those unexpected expenses.
HOME EQUITY LOAN- In time as equity builds up by the appreciation of your home you can tap into that equity by borrowing against it. Currently there are programs available to borrow up to 80% of the equity in your home for any purpose, whether it be for education, bill consolidation, home improvement or any other worthwhile purpose. There is no need to refinance your existing first mortgage. Usually these loans are adjustable and tied to the prime lending rate. Fixed second mortgages are also available at low rates for terms up to 20 years.
HOME PURCHASE AND REFINANCE
Although there have been many changes in the mortgage market over the past four years, one thing remains a huge benefit to home owners and potential home owners. Rates are at an all-time low with as little as 3.5% down (FHA) and 10% (Conventional) you can own the home of your dreams in this "Buyers Market". But don't wait too long because it won't last forever.
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