|
Inventory HOME Basic Products Available
1) 30 year Interest Only Mortgage a. Fixed interest rate for 5 years, adjustable thereafter b. Fixed Interest rate for 10 years c. Fixed interest rate for 20 years d. Fixed interest rate for 30 years 2) Self-amortizing 30 Year Mortgage (30 year mortgage; equal payments month made up of principal and interest) a. Fixed Interest Rate for 30 years (i.e., a 30 year fixed loan) b. Fixed interest rate for 5, 10 or 15 years, adjustable thereafter (these are ARMs or Adjustable Rate Mortgages, though not immediately adjustable)
3) Second Mortgage (Stand-alone 2nds) (piggybacks next in line after 1st (or main) mortgage. Rates are usually higher than 1st mortgage rates, but this is used to avoid non-tax deductible mortgage insurance which is an extra monthly fee a borrower is charged, as mandated by the government, after the loan-to-value of the property is above 80% on the 1st mortgage. Can be fixed or adjustable.) 4) Home Equity Line of Credit (HELOC) (similar to 2nd mortgage, but borrower is issued blank checks to be used like regular checks. The money comes from the equity in your house. Borrower can pay the interest only each month. HELOCs have adjustable interest rates.) Advanced Products 1) Pay option ARM (lowest monthly payment among all types of mortgages (borrower has the option each month of paying less than the interest due, the interest only, the regular self-amortized principal and interest payment, or more than the self-amortized payment to pay down additional principal) 2) 15 Year Mortgage (payments amortized over 15 years) 3) 20 Year Mortgage 4) 40 year Mortgage CLICK HERE FOR MORTGAGE LENDING RATES, GUIDELINES, ADJUSTMENTS, FEES AND MARKET NICHES
|
