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- Fixed
Rate LoansAn excellent way to lock into a low interest rate
for the life of your loan.
- Adjustable
Rate Mortgages (ARM's)The flexible loan, with lower initial
rates and payments.
- Initial
Fixed Rate LoanStart with a rate generally lower than standard
fixed rate loans.
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| Borrower
Goals |
Loan
Parameters |
|
|
Plan
to live in the property over 10 years |
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Like
total payment stability |
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Interest
rate & monthly payment remain the same for 30 years |
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| Borrower
Goals |
Loan
Parameters |
|
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Plan
on staying in property over 10-15 years |
|
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Want
to pay off property faster than 30 years |
|
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Lower
interest rate than 30 year loan |
|
|
|
Interest
rate & monthly payment remain the same for 15 years |
|
|
| Borrower
Goals |
Loan
Parameters |
|
|
Want
to take advantage of lowest rate possible |
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Are
willing to accept yearly payment changes OR
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|
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Cannot
qualify at higher rate programs |
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Interest
rate adjusted every year, so monthly payment is subject to change
every year for entire 30 year loan term |
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Potential
higher payments (at maximum interest rate) |
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