Which Loan is Right For You?

In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.

How Long Do You Plan on Living in the House? We Recommend:
Not Very Long (1-3 Years) 3/1 ARM, 1 year ARM or 6 month ARM
A few years (3-5 Years) 5/1 ARM
At least 5 years (5-7 years) 7/1 ARM
Around 10 years ( 7-10 years) 10/1 ARM, 30 yr fixed or 15 yr fixed
A long time (10 plus years) 30 year fixed or 15 year fixed
Loan Programs Advantages Disadvantages
30 year Fixed
15 year Fixed
  • Monthly payments won't change
  • Interest rate Fixed
  • 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
Apply now!
Adjustable Rate Mortgages (ARMS)
  • 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
 
  • Payments may change after the fixed period
  • Potential for high payments if rates go up
  • Mortgage Payments may increase if rates go up
Apply now!
Balloon Mortgages
  • 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
Apply now!
First Time Buyer Programs
  • Lower down payment
  • Easier to qualify
  • Excellent loan programs with possibility of assistance in closing cost
  • 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
Apply now!
Lender Credit
  • With lender credit, you may have low closing cost
 

With Lender Credit, you may have Low Closing Cost
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
 
Apply now!
Home Equity Fixed Loan Or Second Mortgage
  • Fixed payments
  • Interest may be tax deductible
 
Apply now!
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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Need More information

Call Us: 9547422512

Email Us: jalva@mylandmtg.com