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enter site 30 Year Fixed Rate MortgageThe traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. Fixed rate loans offer greater security and less vulnerability as you always know your monthly payment.
go site 15 Year Fixed Rate MortgageThis loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast and pay it down faster. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. (One extra payment per year can lower your loan payoff from 30 years to approximately 23 years.) This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great. Elite Financial also offers fixed rates from 7-29 years, which are especially helpful when you refinance and don’t want to recast the loan to a longer period of time.
follow site Adjustable Rate Mortgages (ARM)When it comes to ARMs, the basic rule is the longer you ask the lender to charge you a specific rate, the more expensive the loan. Since the rate changes, the loan can be more of a risk. An Annual ARM has a rate that is recalculated once a year. To ensure you understand how all ARMs work, review your options with an Elite Financial mortgage professional.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)These ARMS—also called 3/1, 5/1, 7/1 or 10/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a period of time. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
price of depo provera at planned parenthood 2/1 Buy Down MortgageThe 2/1 Buy Down Mortgage allows the borrower to qualify at below market rates to help them qualify. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term.
Home Equity Line of Credit (HELOC)A home equity line of credit (HELOC) allows you to borrow funds on an as-needed basis against the equity you have in your home. A HELOC can be ideal for major expenses such as remodeling your home, consolidating debt, buying a car, and more. Interest is charged on a predetermined variable rate, which is usually based on prevailing prime rates. Once there is a balance owing on the loan, the homeowner can choose the repayment schedule as long as minimum interest payments are made monthly. The term of a HELOC can last anywhere from less than five, to more than 20 years, at the end of which all balances must be paid in full. Because HELOC interest is variable, homeowners must be aware of prevailing interest rates, as a spike can cause repayment balances to rise rapidly. Contact the professionals at Elite Financial to ensure you understand your loan options.