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| 30-year Fixed Rate Loan |
| 15-year Fixed Rate Loan |
| FHA Loan |
| Fixed Period ARMs |
| Interest Only Loans |
| Home Equity Line of Credit (HELOC) |
| Home Equity Loan (Fixed Second) |
| Construction Loan |
| Commercial Mortgages |
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30-year Fixed Rate Loan
Why select this loan type?
I want a fixed monthly payment that doesn't change during my loan period.
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I believe interest rates will rise and I expect to stay in my house for more than 5 years. If you seek stability, this may be the best option for you.
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15-year Fixed Rate Loan
Why select this loan type?
I want a fixed monthly payment that doesn't change during my loan period.
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I want to pay off my mortgage in a shorter period of time than with a conventional 30-year mortgage.
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FHA Loan
Why select this loan type?
I don't have enough money for a down payment.
Ideal for first-time buyers, these low down-payment mortgages can help you achieve homeownership with little down payment and flexible credit qualifying terms.
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Fixed Period ARMs
Why select this type of loan?
I want to start with a low payment, or want to afford more home.
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I know I will sell or refinance before the adjustable period begins.
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| Lower fixed rate (when compared with fixed rate loans) for 6-month, 1, 3, 5, 7 or 10 years
LTVs to 95% ; CLTV to 100% |
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Interest Only Loans
Why select this type of loan?
I want to minimize my monthly payments, and save cash for other purposes-debt reduction, investment, savings.
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I want to afford the most home possible (by changing my debt to income ratio)
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| Lower monthly payments
Pay as much or little principal as you want |
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Home Equity Line of Credit (HELOC)
Why select this type of loan?
Flexible access to funds
Potential tax advantages
You only draw what you need
You only pay interest on what you borrow
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Home Equity Loan (Fixed Second)
Why select this type of loan?
Predictable fixed payments
Possible tax advantages
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Construction Loan
Why select this type of loan?
Perfect for borrowers who want to build their own home. Borrowers can obtain a short term construction loan and later convert it into a permanent loan as either a fixed rate or adjustable rate for a longer term.
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Commercial Mortgages
Why select this type of loan?
You have a business property or other income producing property that doesn't qualify as residential property.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $7,193. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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