Loan Programs

Adjustable Rate Mortgages

10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM

Advantages

Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts

Disadvantages

More risk
Payments may change over time
Potential for high payments if rates go up

First-Time Buyer Programs

Advatanges

Lower down payment
Easier to qualify
Sometimes you may get lower rate

Disadvantages

May be subject to income and property value limitations
Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Home Equity Line of Credit

Advantages

You only borrow what you need
Pay interest only on what you borrow
Flexible access to funds
Interest may be tax deductible

Disadvantages

Rates can change. The maximum interest rate is normally high.
Payments can change
Harder to refinance your first mortgage

No Point, No Fee Programs

Advantages

No closing costs
Less money required to close

Disadvantages

Higher rates
Higher payments

Wills & Trusts

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Fixed Rate Mortgages

30 year fixed
15 year fixed

Advantages

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.

Disadvantages

Higher interest rate.
Higher mortgage payments.
Rate does not drop if interest rates improve.

Home Equity Fixed Loan

Advantages

Fixed payments
Interest may be tax deductible

Disadvantages

Higher interest rates than on first mortgages
Harder to refinance your first mortgage