Whether you are buying a home or refinancing, there are three basic types of home loans. Each has different reasons for you to choose them.


1. Fixed Rate Mortgage:
  •You plan to live in home more than 5 years,
  • You like the stability of a fixed principal/interest payment,
  •Don't want to run the risk of future monthly payment increases
  •Think your income and spending will be constant.   [view programs]

2. Adjustable Rate Mortgage
  •You plan to stay in your home less than 5 years,
  • You prefer the initial lower monthly payments,
  •Comfortable with the risk of possible payment increases in future,
  •Think your future income will likely increase.   [view programs]

3. Combination Rate Mortgage
  •You want the stability of a fixed principal/interest payment in the short term,
  •Want to repair your credit by demonstrating    your ability to make regular payments, then  refinance for a lower interest rate,
  •Have a lot of consumer debt, (these loans  typically allow more)
  •Want to borrow more and get a lower monthly payment than a standard fixed rate loan.
               [view programs]


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