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YOUR IDEAL HOME LOAN PROGRAM |
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LESS-THAN
PERFECT CREDIT PROGRAMS (ARM or FIXED) |
Benefits |
Disadvantages |
| Opportunity to re-establish your credit
by paying the mortgage on time |
Terms may not be in your favor |
| You may be able to decrease
your monthly debt payment by using this
option to consolidate your entire debt |
Higher rates |
| More difficult to obtain
long-term fixed loans |
| Pre-payment penalties
may apply |
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STATED
INCOME PROGRAMS (ARM or FIXED) |
Benefits |
Disadvantages |
| Income is not required to be verified |
Higher down payment, may be required. |
| Quick approval process |
Higher interest rate |
| Ideal for those who don’t qualify
for a full income documentation program |
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INTEREST
ONLY PROGRAMS (ARM) |
Benefits |
Disadvantages |
| Several payment options
to choose from |
Payment will be higher
for the remainder of the term |
| Qualify for a higher
amount |
Principal loan amount
will not decrease during the interest
only time period |
| Lower payments |
Higher Interest
Rates |
| Qualify for the interest
only payment program |
| Option to pay the principal
& interest payment |
| Interest only payments
for a maximum of 10 years |
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NO
POINT, NO FEE PROGRAMS (ARM or FIXED) |
Benefits |
Disadvantages |
| Zero out-of-pocket loan
costs |
Higher Rates |
| Closing costs are paid
from the lender rebate |
Higher Payment |
| Less money necessary
to close |
Lenders may have a short
pay-off penalty period, which is usually
charged to the mortgage broker, but
it may also be passed on to you |
| Refinance without raising
your loan amount |
May have a pre-payment
penalty for the first few years (1-5
yrs) |
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HOME
EQUITY FIXED PROGRAMS |
Benefits |
Disadvantages |
| Fixed Payments |
Higher interest in comparison
to your first mortgage |
| Obtain cash fro any
reason |
More difficult to refinance
your first mortgage |
| Interest may be tax-deductible |
Interest is paid on
the full loan amount, compared to an
equity line of credit (HELOC) |
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HOME
EQUITY LINE OF CREDIT (HELOC) |
Benefits |
Disadvantages |
| Borrow only what you
need just like a credit card |
Payment can change on
a monthly basis |
| Pay interest solely
on the amount you borrow |
Makes it difficult to
refinance your first mortgage |
| Flexibility to access
your funds as needed |
Due to rate
fluctuations, the maximum interest rate
can be some what high |
| You can use this program
for debt consolidation to monthly lower
payment |
| Rates are typically
lower than credit card or consumer loan
rates |
| If set up in advance,
this is an excellent source for an emergency
fund |
| Zero closing costs options
available |
| Interest paid may be
tax-deductible |
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| In addition
to the standard loan programs listed
above, it may be beneficial for you
to consider one of the unique loan programs
listed below: |
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| Once again,
please contact Nicolas to learn more
about any of these exciting loan programs:
Phoenix, Arizona at (623)518-0467
or in Los Angeles, CA at (562) 716-0504. |
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Piggyback loans: 80-10-10 &
80-15-5. You can avoid paying private
mortgage insurance (PMI) by using
lender-paid mortgage insurance 
