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YEARS IN HOME
RECOMMENDED PRODUCT
1-5
3/1 ARM, 5/1 ARM, Interest-Only, Negative Amortization,
5-9
5/1 & 7/1 ARM, Interest-Only
10-12
10/1 ARM, 30- Year Fixed, 15- Year Fixed, 30-Year Interest-Only
12+
30-Year Fixed, 15-Year Fixed, 30-Year Interest-Only
Mortgage Products
Pro's
Con's
Fixed Rate
-30 Year Fixed
-20 Year Fixed
-15 Year Fixed
-10 Year Fixed
- Fixed payments over life of loan
- Rate of interest does not change
- Protection against increase in rates
- No penalty to refinance if rates drop
- Higher rate of interest
- Higher monthly payments
Adjustable Rate Mortgages
- 1 Month ARM
- 6 Month ARM
- 1 Year ARM
- 3/1 ARM
- 7/1 ARM
- 10/1 ARM
- Lower initial monthly payments
- More flexibility in size of loan amount
- After initial start period, rates may go down   based on market
- Interest only options available
- Riskier in nature
- Payments may go up over time
- Potential for refinance sooner than planned
Interest Only
- 3/1, 5/1, 7/1, 10/1 ARMs
- 30-YEAR & 15-YEAR
- Lower initial monthly payments
- More flexibility in size of loan amount/more   purchase power
- Unless managed properly you may not pay down   your principle balance.
First time Home Buyer

- Many low down to zero down products
- More lenient qualifying
- Interest only options available

- May have income or property limitations
- Pre-payment penalties may apply

Stated Income Programs

- No verification of income
- Quicker approval process

- Slightly higher rates of interest
- Higher down payment/equity required

Challenged Credit Products

- Short term credit re-establishment
- Utilize short term loan products to consolidate consumer debt

- Higher interest rates
- Shorter term ARMs
- Pre-payment penalties may apply

No Points or Fees Products

- No closing costs
- Less money due at closing
- No additional principle on a refinance

- Much higher interest rates
- Higher mortgage payments

Home Equity Lines of Credit /2nd Mortgages

- Write off the interest from your credit line
- Only pay on portion you utilize
- Easy access to funds
- Payments decrease as you make principle reductions

- Rate is usually attached to going prime rate and therefore changes often
- Payments will vary monthly

Negative Amortization Loans
-Allows you to skip a payment if necessary  without any delinquencies on your credit
-You may end up owing more on your loan than what   the property is worth
Second Homes

-Purchasing a place to vacation
-Write off the mortgage interest
-Interest-only options available

Investment / Non Owner Properties
-Take advantage of low interest rates to   purchase a property to rent out