Which loan is right for me?
| Years you plan to stay in the home | Recommended 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 Program | Advantages | Disadvantages |
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 Program | Advantages | Disadvantages |
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 Program | Advantages | Disadvantages |
|
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.
|
