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PROGRAMS |
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All
the first time buyers needs the first steps to start.
Call me at (786) 277 7690.
| Years
you stay in the home |
Recommended
Program
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1 to
3 years
3 to 5 years
5 to 7 years
7 to 10 years
more than 10 years |
3/1
ARM, 1 year ARM or 6 month ARM
5/1 ARM
7/1 ARM
10/1 ARM
30 years fixed or 15 years fixed |
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Loan
Programs
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Advantages |
Disadvantages |
Fixed
Rate Mortgages
30 year fixed
15 year fixed |
Monthly
payments are fixed over the life of the loan.
Interest rate does not change.
Protected if the rates go up.
Can refinance if the rates go down
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Higher
interest rates.
Higher mortgage payments.
Rate does not drop if the interest improves. |
Adjustable
Rate Mortgages
10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM |
Lower
initial monthly payment.
Lower payment over a shorter period of time.
Rates and payments may go down if rates improve.
May qualify for higher loan amounts.
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More
risk.
Payments may change over time.
Potential for high payments if rates go up. |
Balloon
Mortgages
7 year
5 year |
Lower
initial monthly payment.
Lower payment over a shorter period of time.
Manny balloon mortgages offer the option to convert to a new
loan after the initial term.
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Risk
of rates being higher at the end of the initial fixed period.
Risk of foreclosure if you cannot make balloon payment or if
you cannot refinance or if you cannot exercise the conversion
option. |
| First
Time Buyer Programs |
Lower
down payment.
Easier to qualify.
Sometimes you may get lower rates.
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May
be subject to income and property value limitations.
Some programs which have government subsidies may have a
recapture tax if you sell the house too early. |
| Stated
Income Programs |
Do
not need to verify income.
Faster approval
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Higher
rates.
Higher down payment. |
| No
point, No fee Programs |
No
closing costs.
Less money required to close.
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Higher
rates.
Higher payments. |
| Imperfect
Credit Programs |
Potential
for reestablishing credit if you pay your mortgage on time.
When used for debt consolidation, you may be able to reduce
your monthly debt payment.
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Higher
rates.
Terms may not be as favorable.
Harder to get long term fixed loans.
Loans may have prepayment penalties. |
| Home
Equity Line of Credit |
You
only borrow what you need.
Pay interest only on what you borrow.
Flexible access to funds.
Interest may be tax deductible.
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Rates
can change. The maximum interest rate is normally high.
Payments can change.
Harder to refinance your first mortgage. |
| Home
Equity Fixed Loan |
Fixed
Payments.
Interest may be tax deductible.
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Higher
interest rates than on first mortgage.
Harder to refinance your first mortgage. |
REQUIREMENTS
Go to the our
page for requirements.
Requirements for Domestic Applicants and Foreign Nationals.
The Income source can vary as usual the requirements apply to each
specific situation.
Click here to verify the documents you will need
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