Which Loan do I Choose?
30 Year Fixed Rate Program
A 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower
making 360 equal monthly payments over a period of 30 years. A 30 year
mortgage loan is the most widely accepted program used to finance a residential
purchase, and is available for conventional, jumbo, FHA and VA loans.
15 Year Fixed Rate Program
A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower
making 180 equal monthly payments over a period of 15 years. A 15 year
mortgage is an alternative to the 30 year when the client may have had a sizeable
down payment or wants to pay off the loan in less time on a residential
purchase.
Adjustable Rate Mortgage Programs
An Adjustable Rate Mortgage (ARM) is a mortgage loan that is most widely known for
its low starting interest rate (when compared to the 30 & 15 year mortgage
loans). This 'low' introductory rate is used to calculate the mortgage
payment for a specified period of time. Once this introductory period is over, the
interest rate is adjusted periodically based on a pre-selected index. The
most commonly used index is the yield on the one-year Treasury Bill. The new
interest rate is determined by adding this index to a set margin (which is
determined by the lender). APR's on variable rate loans are subject to increase but
may decrease from year-to-year, the borrower should be prepared to handle an
increase in his/her monthly payment (should the index rate increase).
Biweekly Mortgage
The Biweekly mortgage alternative is a fixed rate loan, amortized over a
30-year period, with payments made every two weeks instead of every month.
Borrowers pay half the monthly payment every two weeks, which means a total of 26
payments each year, or the equivalent of 13 monthly payments. The extra month's
payment each year reduces the principal faster and results in considerable savings
in interest as well as reducing the length of the loan to between 19-21 years.
Non-Conforming Mortgages
A non-conforming loan is one in which the loan parameters fall out of the
Fannie Mae and Freddie Mac guidelines. A mortgage loan in Florida for more than
$322,700. Also called Jumbo loans. Loans for less than this are
called Conforming loans.
Less Than Perfect Credit / Bankruptcy /
Foreclosure
We have several programs available for those clients with less than perfect
credit. Our lenders care and understand damaged and bad credit.
Discover how quickly and easy it can be to get your mortgages, home loans and
refinances approved. Please contact me for details.
CHRIS A. STROLENY
Licensed Mortgage Broker
Chris@ChrisStroleny.com
Phone: 800 982-3132
Fax: 866 339-1094
