Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages                                                                                      Apply Here
30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve
One of the many types of home loans offered to borrowers is called a fixed rate mortgage. Unlike an adjustable rate mortgage the monthly payments for a fixed rate mortgage stay stable through out the life of the loan. This type of home loan is most commonly available in 10, 15, 20, 25 and 30 year mortgages and can provide the stability many home buyers require during unstable economic times.
Adjustable Rate Mortgages                                                                             Apply Here
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	More risk Payments may change over time Potential for high payments if rates go up
Adjustable rate mortgages allow the interest rate on your home loan to fluctuate during its life. Usually this is after the fixed period in the beginning.  When financial markets are unstable, adjustable rate mortgages can be risky for home owners because the rate can increase with little notice. On the other hand, this type of mortgage may allow you to purchase a more expensive home.
Balloon Mortgages                                                                                                 Apply Here
7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	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
Balloon mortgages are home loans that typically last for shorter periods of time, most are between 3 and 10 years, and these types of loans allow the borrower to pay lower monthly payments and interest rates. Often when the loan period has ended the home owner is required to pay the remaining balance in full. When certain criteria are met lenders may convert the home loan to a fixed or adjustable rate mortgage.
First Time Buyer Programs                                                                                  Apply Here
	Lower down payment Easier to qualify Sometimes you may get lower rate Up to 100% Financing Gift Programs	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.
There are many types of these loan programs.  They can be fixed, adjustable, or fixed for a short period and then adjust.  It is best to speak to a seasoned professional that can help you determine which is best for you.
Stated Income Programs                                                                                      Apply Here
	Don't need to verify income and sometimes assets Faster approval Less Hassel with no documentation.	Higher rates Higher down payment
Stated income home loans allow those who are self employed or do not have documentation of earned wages to state a wage on the mortgage application and qualify for a mortgage based on that stated income. The advantages of a stated income home loan is to allow those who are self employed or do not have documentation of earned wages to state a wage and qualify for a mortgage based on that stated income. The advantages of a stated income loan are that the borrower does not need to verify income and approval is faster than with most home loans. The disadvantages of this type of loan are that interest rate and required down payments are often higher than with most home loans.
Primary Residential Mortgage's Option ARM                                                  Apply Here
	4 Payment Options Payments Cap for protection Less money required to close No Points Terms up to 40 years Lower Monthly Payment	Can become negative amortization
This is an example of an adjustable rate mortgage.  Click above to learn more about this flexible program.
Imperfect Credit Programs                                                                                   Apply Here
	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	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                                                                                  Apply Here
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible Very Low Closing Costs if any.	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan                                                                                    Apply Here
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1st mortgages Harder to refinance your first mortgage