| Loan Program |
Why select this loan type? |
Loan Feature(s) |
Basic 40-year Fixed Rate Loan |
Plan to keep the home for more than 5 years
To afford a higher-value home
|
- Lower monthly payments than a 30-year loan
- Monthly payments that will never increase
- Locks in interest rates
|
Basic 30-year Fixed Rate Loan |
A belief that interest rates will rise
Plan to keep the home for more than 5 years
|
- Monthly payments that will never increase
- Locks in interest rates
|
Basic 20-year Fixed Rate Loan |
To build equity quickly and pay off the loan faster
Plan to keep the home for more than 5 years
|
- Monthly payments that will never increase
- Lower interest payments over the life of the loan
- Locks in interest rates
|
Basic 15-year Fixed Rate Loan |
To build equity quickly and pay off the loan faster
Plan to keep the home for more than 5 years
|
- Monthly payments that will never increase
- Lower interest payments over the life of the loan
- Typically, the lowest rates available on a fixed loan
|
FHA Loan |
Cannot afford a large down payment or have little equity available
|
- Insured by the Federal Government
- Down payment as low as 3%
- No minimum credit score or area income limits
|
Stated Income Loan |
Self-employed and will have difficulty documenting a large portion of income
|
- No tax returns or W-2s required
- No income verification required
|
Cash-Out Refinance |
Cash out some equity in current home, but prefer not to have a second mortgage payment
|
- Pays off current mortgage in one lump sum
- One loan, one payment
- Usually offers lower interest rates than credit card debts
|
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Lending Group LLC. |