|
Special Reports:
CASH Flow ARMS
start as low as 1.00%
No
Money Down Home Buying!
100% Home
Loans
NO Money Down!
Real Estate Library:
TOP 10 Questions Answered!
Complimentary Reports Explain All!
|
NationalForeclosures.com presents this Free
Home Mortgage Comparison Report...
| Years you plan to stay in the house |
Recommended Program |
| 1-3 |
3/1 ARM, 1 year ARM or 6 month ARM
(possibly Cash Flow ARMS) |
| 3-5 |
5/1 ARM |
| 5-7 |
7/1 ARM |
| 7-10 |
10/1 ARM, 30 year fixed or 15 year fixed |
| 10+ |
30 year fixed or 15 year fixed |
Want the lowest payment available with options? Then check
out the
CASH Flow ARMS!
Request a Complimentary &
Pressure Free Consultation with a Nationwide Mortgage Banker &
REO Investment Specialist!
|
Fixed Rate Mortgages
|
| Loan Programs |
Advantages
|
Disadvantages
|
30 year fixed or
15 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 |
|
Adjustable Rate
Mortgages |
| Loan Programs |
Advantages
|
Disadvantages
|
10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM |
* 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 |
* More risk
* Payments may change over time
* Potential for high payments of rates go up |
|
Balloon Mortgages
|
| Loan Programs |
Advantages
|
Disadvantages
|
7 year
5 year |
* Lower initial monthly
payment
* Lower payment over a shorter period of time
* Many balloon mortgages offer the option to convert to
a new loan after the initial term. |
* Risk of rates being
higher at the end of the initial fixed period
* Risk of foreclosure if you cannot make balloon payment
or if you cannot refinance or if you cannot exercise the
conversion option |
|
First Time Buyer
Programs |
|
Advantages
|
Disadvantages
|
|
*Lower down
payment
*Easier to qualify
*Sometimes you may get lower rates |
*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 |
|
Stated Income
Programs |
|
Advantages
|
Disadvantages
|
|
* Don't need to
verify income
* Faster Approval |
* Higher Rates
* Higher down payment |
|
No point, No fee
Programs |
|
Advantages
|
Disadvantages
|
|
* No closing
costs
* Less money required to close |
* Higher Rates
* Higher payments |
|
Imperfect Credit
Programs |
|
Advantages
|
Disadvantages
|
|
* Potential for
reestablishing credit if you pay your mortgage on
time
* When used for debt consolidation, you may be able
to reduce your monthly debt payment |
* Higher
rates *Terms may not be as
favorable *Harder to get long term fixed loans *Loans
may have prepayment penalties |
|
Home Equity Line of
Credit |
|
Advantages
|
Disadvantages
|
* You only
borrow what you need
*Pay
interest only on what you borrow
*Flexible
access to funds
*Interest may be tax
deductible
|
* Rates can change. The
maximum interest rate is normally high.
*Payments can change
*Harder to refinance
your first mortgage. |
|
Home Equity Fixed
Loan |
|
Advantages
|
Disadvantages
|
* Fixed
Payments
*Interest may be tax
deductible
|
*Higher interest rates than
on 1st mortgages.
*Harder to refinance your first mortgage. |
We hope this information has been
of help to you and if you need to be contacted by one of our Nationwide No
Money Down Specialists, then
Click Here! |
