Fixed-Rate Loans
Adjustable Loans
Federal Housing Administration (FHA) Loans
Department of Veteran Affairs (VA) Loans
Low- and No-Down Payment Loans
Jumbo/Non-Conforming Loans
Home Equity Loans/Second Mortgages
No-Documentation and Low-Documentation Loans

Fixed-Rate Loans  
A fixed-rate loan offers the same interest rate, monthly principal and interest payment throughout the entire life of the loan. You can choose a variety of repayment terms, with 15 and 30 years being the most common. The fixed-rate mortgage loan is the "traditional" choice and is still the most popular because it offers stability and predictable monthly payments.

The longer the term, the lower the monthly payments and the more cash you'll have for other expenses. A longer term also provides maximum tax-deductible interest (ask your tax advisor for more details). With a shorter term, you'll have higher monthly payments and you'll qualify for a smaller loan amount, but you'll save on interest costs over the life of the loan and build your equity faster.

Choose a fixed-rate loan if you:

Adjustable-Rate Loans (ARMs)

Adjustable-rate mortgages (also called ARMs) feature an interest rate that periodically adjusts with changing market rates. ARMs are attractive because they offer start rates that are lower than the interest rates of fixed rate home loans. This typically enables you to begin with lower monthly payments and qualify for a larger loan.

ARMs are available in government, conforming and jumbo loan amounts. A start rate, also known as the initial interest rate, gives you a special low monthly payment for a set amount of time, which is typically 1, 3, 5, 7 or 10 years.

After the start rate period is over, your interest rate is based on the performance of a financial index, such as the average interest rate or yield on treasury bills. For a better understanding and a historical perspective, see ARM financial indices. Before you agree to an ARM, be sure you can afford the highest payments that would result.

Choose an adjustable-rate loan if you:

Federal Housing Administration (FHA) Loans

FHA mortgages help low-to-moderate-income homebuyers purchase homes with low down payments and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration (FHA), which sets loan limits that vary by area. With an FHA mortgage, you can use a gift or unsecured loan for down payment and closing costs.

FHA mortgages are available in fixed-rate and adjustable-rate options and have no maximum income/earning limitations. Insurance from the federal government replaces private mortgage insurance. Maximum loan amounts vary by county - contact your loan officer for details.

Choose a FHA loan if you:

Department of Veterans' Affairs (VA) Loans

VA loans are available only to eligible veterans. They offer a significant advantage: no out-of-pocket expenses may be required. Interest rates and points are negotiated and paid up-front.

With a VA loan, you won't have to make a down payment. It provides more flexible qualification guidelines than FHA or conventional loans and there is no monthly insurance requirement. And, your out-of-pocket expenses can come from a gift. It is available in fixed-rate loans only.

Choose a VA loan if you:

Low- and No-Down Payment Programs

Even if you don't have much money saved for a down payment, contact our lenders anyway.  There may be programs available for you.  If the buyer does choose to put money down, that money can come from a gift.

Choose a low- or no-down payment loan if you:

Jumbo/Non-Conforming Loans

If you need to borrow more than $275,000, then a jumbo loan might be right for you.

A jumbo loan is also called a non-conforming loan because it does not conform to the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) or Freddie Mac (The Federal Home Loan Mortgage Corp. or FHMLC). These are the two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. Non-conforming loans typically have a higher interest rate and different down payment requirements. For detailed information, please contact your lender.

Choose a jumbo loan if you:

Home Equity Loans/Second Mortgages
Second mortgages, more popularly known as home equity loans, provide a way for homeowners to finance just about anything, from kitchen remodeling to college for your kids. A home equity loan gives you a fixed interest rate on a lump sum for a major expenditure - putting the equity in your home to work for you.

Equity loans are popular because the interest charges are tax-deductible, just as interest is deductible on first mortgages. Interest on other types of consumer debt, including auto loans and credit cards, cannot be used as a tax deduction. Consult your tax advisor to see how this applies to you.

Low- and No-Documentation Loans (Low-Doc and No-Doc)
Low-doc and no-doc loans require minimal paperwork. However, expect to put 25 percent down and pay a higher interest rate throughout the life of the loan. These loans are ideal for those who are self-employed or don't want to deal with extensive paperwork.