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Loan Programs
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Advantages
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Disadvantages |
30 year Fixed
15 year Fixed |
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Monthly payments won't change
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Interest rate Fixed
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Protected if rates go up
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Can refinance if rates go down
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Higher interest rate
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Higher mortgage payments
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Rate does not drop if interest rates improve
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Adjustable Rate Mortgages (ARMS) |
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Lower initial monthly payment
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Lower payment over a shorter period of time
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Rates and payments may go down if rates improve
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May qualify for higher loan amounts
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More risk
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Payments may change over time
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Potential for high payments if rates go up
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First Time Buyer Programs |
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Lower down payment
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Easier to qualify
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Sometimes you may get lower rate
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May be subject to income and property value limitations
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Some programs which have government subsidies may have a recapture tax if you sell the house too early.
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No point, No fee Programs |
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No closing costs
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Less money required to close
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Higher rates
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Higher payments
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Home Equity Fixed Loan |
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Fixed payments
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Interest may be tax deductible
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Higher interest rates than on 1st mortgages
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Harder to refinance your first mortgage
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In Addition to these standard loan programs we offer a large number of specialized loans to fit your needs please call or email for more information |
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New American Mortgage ™ 2007