Payment Options!.

FIRST MORTGAGES - For both PURCHASES and REFINANCES

30 YR FIXED - The traditional favorite. Designed for those who desire the security of level monthly payments, relatively low monthly payments, or who plan on staying where they are "forever". Also available for any individual year from 16 to 29 years.

15 YR FIXED -  The new found sweetheart. Affords the same benefits as the 30 year fixed, but for a little more money each month, pays off in half the time! Oftentimes, this program is ideally suited for those saving for retirement or those refinancing an older, 30 year fixed rate loan. Also available for any individual term from 10 to 14 years. 

FHA/VA - These loans are partially backed by the government and can help veterans and low-to-moderate income families afford homes. An FHA loan typically requires higher mortgage insurance premiums. The advantages of these types of loans is that they often have a lower interest rate, are easier to qualify for, have lower down-payment requirements, and can be assumed by someone else if the home is sold. 

3/1 ARMS, 7/1 ARMS, 10/1 ARMS - An enhanced product swiftly gaining in popularity. It offers a very attractive rate of interest with fixed payments for the early years of the loan. It then adjusts annually with 2/6 caps (2% per year:6% over the life of the loan) for the remaining years. Ideally suited for those with the self-discipline and desire to pay off their mortgages quickly or who plan on selling their home within the next 3-10 years. Available with 15 or 30 year amortization. 

3/3 ARM - A nice compromise which offers an initial lower interest rate, and payment stability. Payment amounts can be adjusted every 3 years, based on a pre-determined index. Interest rates typically change a maximum of 2% per adjustment and 6% over the life of the loan. Well suited for those who plan on holding their property less than 15 years and who want to take advantage of today's low ARM rates. 

1 YR ARM - Designed for those who want to take advantage of very low initial rates, or those who plan on only owning their property for a few years. Available in convertible and non-convertible varieties; with amortization of either 15 or 30 years. Convertible affords owners specified opportunities to switch to a fixed rate loan for a very small fee. Most 1 year ARMS carry 1/5 or 2/6 caps. Most ARMS are tied to an index of the 1 year U.S. Treasury Bills. 

6 MONTH ARM - Possibly the best short-term ARM on the market. It is tied to an index of CD rates or the LIBOR rate, and affords the borrower the lowest rate available with any financing program. It is typically convertible (monthly during the second through fifth years) and comes with 1/6 caps. 

10/20 TWO STEP, 7/23, 5/25 - A program which has been well received in recent years because of its favorable fixed interest rate during the first 5, 7 or 10 years of the loan. The rate is then adjusted, based on a pre-determined index, for the balance of the 30 year term. Ideal for those who plan on selling their home within the next 5-10 years 

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