LOAN PROGRAMS

Jumbo Loans
A loan in which the amount borrowed is greater than $417,000 or greater than the Super Conforming loan limits established per state.

Loan Term Description Benefits
30 or 15 year Fixed This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate"). Stable Monthly Payments
5/1, and 7/1 ARM's This type of loan has monthly payments that are based on a 30 year repayment schedule. The rate stays fixed for the first 5 or 7 years (depending on chosen term), and then adjusts annually thereafter. The rate in which it adjusts to will be based on the index it is tied to and the margin. Because the interest rate can change after the fixed period, the monthly payment may also change. As an example a 5/1 arm would have a fixed interest rate for the first five years and adjust annually thereafter for the remaining 25 years. Lower payments than fixed rate mortgages during initial fixed period.

Short term plans for ownership

Super Conforming Loans
A loan in which the amount borrowed is greater than $417,000.

Loan Term Description Benefits
30 or 15 year Fixed This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate"). Stable monthly payments
5/1 ARM This type of loan has monthly payments that are based on a 30 year repayment schedule. The rate stays fixed for the first 5 years, and then adjusting annually thereafter for the remaining 25 years. The rate in which it adjusts to will be based on the index it is tied to and the margin. Because the interest rate can change after the fixed period, the monthly payment may also change. Lower payments than fixed rate mortgages during initial fixed period.

Short term plans for ownership

Conforming Loans
A loan in which the amount borrowed is less than or equal to $417,000.

Fixed Rate Loans

Loan Term Description Benefits
30, 25, 20, 15, and 10 Year Fixed This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate"). Stable monthly payments
 

ARM (Adjustable Rate Mortgages)

Loan Term Description Benefits
5/1, and 7/1 ARM's This type of loan has monthly payments that are based on a 30 year repayment schedule. The rate stays fixed for the first 5 or 7 years (depending on chosen term), and then adjusts annually thereafter. The rate in which it adjusts to will be based on the index it is tied to and the margin. Because the interest rate can change after the fixed period, the monthly payment may also change. As an example a 5/1 arm would have a fixed interest rate for the first five years and adjust annually thereafter for the remaining 25 years. Lower payments than fixed mortgages during initial fixed period.

Short term plans for ownership