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| Loan Program | Advantages | Disadvantages |
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| Interest Only Programs | - You have several payment options
- Lower monthly payments
- Qualify for a higher loan amount
- Qualify at the interest only payment
- Option to pay the full normal payment
- Interest only payments for up to ten years
| - Higher rates
- Principal loan balance will not decrease during the interest only payment period
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| Loan Program | Advantages | Disadvantages |
|---|
| No point, No fee Programs | - No out-of-pocket loan costs at closing of purchase
- Closing costs are paid with your rate.
- Less money required to close
- Refinance without increasing your loan amount
| - Higher rates
- Higher payments
- Pre-payment Penalties
- Not the most competitive product on the market
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| Loan Program | Advantages | Disadvantages |
|---|
| Imperfect Credit Programs | - 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
- First step towards improving your overall financial situation
- Pay off high consumer debt with your mortgage, and possibly save thousands per month.
| - Higher rates
- Loans may have prepayment penalties
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| Loan Program | Advantages | Disadvantages |
|---|
| Home Equity Line of Credit | - You only borrow what you need
- Pay interest only on what you borrow
- Flexible access to funds
- Interest may be tax deductible
- May be free of closing costs
- A good source for an emergency fund, if set up in advance
- Can be used for debt consolidation and lower payments
- Rates are usually lower than consumer loan or credit card rates
| - Rates can change. The maximum interest rate can be relatively high
- Payments can change
- Harder to refinance your first mortgage
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| Loan Program | Advantages | Disadvantages |
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| Home Equity Fixed Loan | - Fixed payments
- Interest may be tax deductible
- Get cash out for any purpose
| - Higher interest rates compared to first mortgage
- Harder to refinance your first mortgage
- Interest is paid on the entire loan amount, compared to an equity line of credit
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In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:
- Purchase your home with no down payment.
- Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments.
- Debt consolidation programs.
- Home Improvement loans.
- You may qualify even if you've been turned down before!
