Our Loan Programs - As Different As You Are
Sure, these offerings may look familiar. It's
how we make them work for you that's different. We offer a variety
of mortgage programs with very competitive rates.
Fixed Rate Mortgages
As the name suggests, fixed rate mortgages are loans on which the interest
rate remains the same for the life of the loan. These loans offer
the lowest risk in terms of monthly payment predictability and are
appropriate if you think interest rates will rise. You can choose
between two payback periods:
- 30-year Fixed Rate Mortgage - These loans offer a fixed rate over a 30-year payback period.
The interest rate is usually higher compared to a 15-year mortgage,
however your monthly payment is lower. Your total interest costs
will be higher with this loan.
- 15-year Fixed Rate Mortgage -
These loans offer a fixed rate over a 15-year payback period. The
interest rate is usually lower compared to a 30-year mortgage, however,
the shorter payback period means your monthly payment will be higher.
Adjustable Rate Mortgages (ARMs)
These loans offer a lower initial interest rate that adjusts each year according
a pre-selected market index rate. With an ARM, you are likely to qualify
for a larger loan amount compared to a fixed rate loan, however, you
assume the risk of your interest rate, and thus your monthly payment,
increasing in the future.
- 1- , 5- , and 7-Year ARM - These loans offer a fixed rate over a 30-year payback period.
The interest rate is fixed for a specified number of years
and then adjusts thereafter. These loans are often used by people
who know they may not be in a property for an extended period of
time.
Interest Only Loans
These loans can be used if you have a fluctuating income or are expecting rising income and
want to qualify for a larger home. A nice feature is when you are
able to make a lump payment, principal reductions will result in the
recalculation of the mortgage. So when your cash flow is up, your
mortgage principal can go down.