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The Right Solution for YOU!

Yrs in Home:                         Recommended Programs based on Yrs:
1-3
2 YR ARM, 3 YR ARM, LINE OF CREDIT, 6 Month ARM
3-5
3 YR ARM or 5 YR ARM
5-7
5 YR ARM or 7 YR ARM
7-10
7 YR ARM, 10 YR ARM or 10 YR FIXED
10+ 30
10 YR FIXED, 15 YR FIXED, 20 YR FIXED, 25 YR FIXED, 30 YR FIXED, 40 YR FIXED, OR 50 YR FIXED

ADVANTAGES / DISADVANTAGES

Fixed Rate Mortgages

SOLUTION: BENEFITS: DISADVANTAGES:

30 year fixed

Monthly payments are fixed over the life of the loan

Higher rates

 

15 year fixed

Interest rate does not change

Higher payments

 

Can refinance if rates go down

Rate does not drop if interest rate improve

Adjustable Rate Mortgages
SOLUTION: BENEFITS: DISADVANTAGES:

10/1 ARM

Lower initial monthly payment

More risk

7/1 ARM

Lower payment over a shorter period of time

Payments may change over time

3/1 ARM

Rates and Payment may go down if market  improves

Potential for high payments if rates go up

1 year ARM

May qualify for higher loan amounts

 

First Time Buyer Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

Lower down payment

Maybe subject to income and property value limitations

 

Easy to qualify

May have government subsidies if you sell the house too early

 

No down payment

No immediate equity

 

No PMI with a second loan

Potential for PMI without a Second Loan

Stated Income Solutions

SOLUTION: BENEFITS: DISADVANTAGES:

 

Don't need to verify Income

Higher rates

  Faster approval process Higher down payment

  Self-Employed

 May use average deposits in business or personal bank account May not have high enough average deposit

No point, No fee Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

No closing costs

Higher rates

 

Less money required to close

Higher down payment

 

 

 

Less Than Perfect Credit Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

Provides ability to rebuild credit if you pay your

Higher rates

 

mortgage on time

Terms may not be as favorable

 

 

harder to get long term fixed rates

 

 

Loans may have prepayment penalties

Home Equity Line of Credit
SOLUTION: BENEFITS: DISADVANTAGES:

 

You only borrow what you need

  Rates adjust based on Prime rate plus Lender's Margin

 

Pay Interest only on what you borrow

 

 

Flexible access to funds

 

  Interest may be deductible  

 

No Closing Cost Option

  

 
Call Us At 812-246-LOAN (5626) or visit us at 314-B Hunter Station Rd., Sellersburg, IN 47172 M-F 9am-6pm