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Which loan is right for me?


Years you plan to stay in the homeRecommended program
1-3 years 3/1 ARM, 1 year ARM
3-5 years 5/1 ARM
5-7 years 7/1 ARM
7-10 years 10/1 ARM, 10 year fixed
10+ years 30 year fixed, 20 year fixed or 15 year fixed


Loan ProgramAdvantagesDisadvantages
Fixed Rate Mortgages
  • 30 year fixed
  • 20 year fixed
  • 15 year fixed
  • 10 year fixed
  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Loan ProgramAdvantagesDisadvantages
Adjustable Rate Mortgages (ARM)
  • 10/1 ARM
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • 1 year ARM

 

  • Lower initial monthly payment
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • 30 year term, no balloon payment
  • More risk
  • Payments may change over time
  • Potential for higher payments if rates increase
Loan ProgramAdvantagesDisadvantages

First Time Buyer Programs

VHFA

NHHFA

 

  • Lower down payment
  • Easier to qualify
  • Lower rates may be available
  • May be subject to income and property value limitations
  • Some government subsidized programs may generate a recapture tax if you sell the house too soon

In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:

  • Debt consolidation programs.
  • Home Improvement loans.