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A second home after 20 wonderful years was a hardship for us. It was where our babies were born and raised. We were brought the sense of peace and calmness from your remarkably awesome service to help us begin a new 2nd journey toward a dream home, by the water! |
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—Min & Beth Chung.
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Wheather your a first time buyer or this is your second or third home, many factors are considered in choosing a mortgage. Down payment or not, recent or future changes in income, choice of home are just a few considerations in selecting a mortgage. With today's array of mortgage options, it's advantageous to taylor a loan to meet your goals. The table below only shows a few options and their purposes. However, a private consultation is best for us to help you determine the right mortgage planning for your individual needs. - Fixed Rate Loans—An excellent way to lock into a low interest rate for the life of your loan.
- Initial Fixed Rate or Adjustable Rate Mortgages (ARMs)—The flexible loan, with lower initial rates and payments.
- Interest Only Loans—Start with a lower payment than standard loans without necessarily a change in rates along the way.
| 30 Year Fixed Rate | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in the property over 10 years | | • | Like total payment stability |
| | • | Interest rate & monthly payment remain the same for 30 years |
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| 15 Year Fixed Rate | | Appropriate for borrowers who: | Loan Parameters | | • | Plan on staying in property over 10-15 years | | • | Want to pay off property faster than 30 years | | • | Lower interest rate than 30 year loan |
| | • | Interest rate & monthly payment remain the same for 15 years |
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| 10/1 Year semi-fixed | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property approximately 10 to 12 years | | • | Like initial payment stability; can accept interest rate change later |
| | • | Interest rate & monthly payment fixed for the first 10 years | | • | Starting the 11th year, interest rate adjusted every year, therefore, payment is subject to change every year for remainder of loan |
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| 7/23 (2-Step) or '30/7 + 23' | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property approximately 7 to 8 years | | • | Can handle one payment adjustment |
| | • | Interest rate & monthly payment fixed for the first 7 years | | • | Conversion option: On the 8th year, interest rate adjusted to reflect prevailing fixed interest rates. Resulting payment will remain the same for remainder of loan |
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| 7/1 Year semi-fixed rate | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property approximately 7 to 8 years | | • | Like initial payment stabilityand can handle change later |
| | • | Interest rate & monthly payment fixed for the first 7 years | | • | Starting the 8th year, interest rate adjusted every year, so payment is subject to change every year for remainder of the loan |
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| 5/25 (2-Step) or '30/5 + 25' | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property approximately 5 to 6 years | | • | Can handle one payment adjustment |
| | • | Interest rate & monthly payment remain fixed for the first 5 years | | • | Conversion option: On the 6th year, interest rate adjusted to reflect prevailing fixed interest rates. Resulting payment will remain the same for remainder of loan |
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| 5/5 & 5/1 Year semi-fixed rate | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property approximately 5 to 6 years | | • | Like initial payment stability, can accept later changes |
| | • | Interest rate & monthly payment remain fixed for the first 5 years | | • | Starting the 6th year, interest rate adjusted every 5 years(for 5/5 ARM) and every year (for 5/1 ARM) |
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| 3/3 & 3/1 Year semi-fixed | | Appropriate for borrowers who: | Loan Parameters | | • | Plan to live in property 3 years or less | | • | Like initial payment stability, can accept later changes |
| | • | Interest rate & monthly payment remain fixed for the first 3 years | | • | Starting 4th year, interest rate adjusted every 3 years (for 3/3 ARM) and every year (for 3/1 ARM) |
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| Adjustable rate loans | | Appropriate for borrowers who: | Loan Parameters | | • | Want to take advantage of lowest rate possible | | • | Are willing to accept yearly payment changes OR | | • | Cannot qualify at higher rate programs |
| | • | Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term | | • | Potential higher payments (at maximum interest rate) |
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