Mortgage Products

Fixed Rate Mortgages

Fixed Rate Mortgages have a "fixed", unchanging interest rate and payment amount for the life of the loan. Fixed Rate Mortgage are a good option if you do not like to take risks and plan on staying in your home for a longer period of time. Typical fixed rate mortgage terms are 30 years, 20 years, 15 years, and 10 years. Fixed rate mortgages enable you to predict your monthly expenses and avoid the possible influx of interest rates that can occur with adjustable rate mortgages. These mortgages are available for owner occupied, second homes, and investment properties. Learn More

The following fixed rates loans are available:

Adjustable Rate Mortgages

Unlike fixed rate mortgages which have a "fixed", unchanging interest rate and monthly payment for the term of the loan, adjustable rate mortgages have initial fixed interest rates and monthly payments, but then adjust periodically. In general, ARM products offer lower interest rates than fixed rate mortgages. Adjustable rates are determined by an economic index and a margin. The index used is a guide for lenders to assign an interest rate to the loan. Typical ARM terms offered are 1/1, 2/1, 3/1, 5/1. ARMs are good products if you are planning to be in a home for a shorter period of time. Learn More

The following adjustable rate loans are available:

Interest Only Mortgages

Interest only loans, as the name suggests, allows borrowers to pay interest-only, monthly payments for a specified initial period of the loan, usually 3, 5, 7, or 10 years. Interest-only mortgages offer substantially lower payments at the start of the loan than mortgages figured with principal and interest. In general, these loan products are offered as reward programs for borrowers with above average credit ratings. Interest-only loans can be beneficial if your home is in an area that is appreciating at a rapid rate, or you have a sizable amount of equity in your home. After the initial interest only period of the loan, interest rates and monthly payments typically increase dramatically. If you are not prepared for these increases (with some type of savings or investment account or an income increase), it can be difficult to keep up with monthly payments and overextend yourself. Learn More

The following interest only loans are available:

Specialized Mortgages

In addition to more traditional fixed and adjustable rate mortgages, there are some newer, more specialized mortgage products available. These products are more aggressive and provide more financial flexibility to the borrower. The most popular specialized mortgages right now are the Pay Option ARM and the Cash Flow Option ARM. As the name suggests, both products offer options for paying your monthly mortgage. The Pay Option ARM has a fixed minimum monthly payment at a 1.25% interest rate for the first year. The Cash Flow ARM has a 1.95% fixed minimum monthly payment for the first 5 years of the loan. In general, the Pay Option and Cash Flow products are offered to borrowers with above average credit scores. Click below to learn more about these specialized mortgages.

The following specialized loans are available: