Conventional Mortgages

This is the most popular option for homeowners. As the name suggests, the interest rate on the mortgage is fixed for the life of the loan. 

Pros:

• Rate is guaranteed. You are protected in a rising rate environment.
• No increases in P&I payment over the life of the loan. Get comfortable with payment over time.

Cons:

• Lower payment options exist with non-fixed rate products.

 ARMs have played a significant role in the expansion of homeownership across America. By offering lower initial payments, buyers find they can afford more home with an ARM. 

Pros:

• Lower rates than fixed rate products. This equates to lower monthly payments in the early years of the mortgage.
• You may qualify for a larger loan amount which expands the inventory of affordable homes.
• If rates drop, your ARM could adjust downward resulting in lower payments.

Cons:

• There is risk with adjustable features such as rate caps, index, and margin.
• Potential rate increases in the future. ARM rates can adjust at predetermined intervals. Failure to plan for this can lead to payment shock.
• Lifetime caps are typically as high as 5% or 6% over the initial interest rate. Analyze your situation and how that could impact your finances.

• FHA 203K Limited Repair Program
• FHA 203K Full Repair Program
• Fannie Mae RefiNow
• Construction Loans - Purchase or Refinance
• Seasonal Second Homes
• VA IRRRLs
• FHA Streamlines
• Non-Warrantable Condominiums