Premier Realty & Financial Services

PURCHASE / REFINANCE LOAN

Refinance loan options:

10/15/20/30 Year Fixed Rate

A fixed rate mortgage may be just what you are looking for if you like the idea of stability. It can be a lot easier to budget your money when you know your mortgage interest rate isn't going to change every year. Need the biggest tax break available? Stick with a 30 year term. Kids headed for college in the next decade or so? Maybe a 15 year term would suit you better.

The most common loan applied for throughout the country is a fixed rate 30 year mortgage. That might be the right choice for you. But have you considered a fifteen year loan? What do you have to gain by choosing a shorter term?

A 15 Year mortgage carries a lower interest rate right from the start, compared to a 30 year loan, as much as 1/2% or more.
A 15 Year loan will typically cost you tens of thousands less in interest over the term of your loan than a 30 year loan
A 15 Year loan will mean your house is paid off in half the time - perhaps just in time to pay for college tuition for your children or elder care for your parents
A 15 Year loan will help you build up equity in your home much faster - enabling you to receive more in cash if you have to sell before the loan is paid in full.
A 15 Year loan, while more expensive each month, is NOT twice as expensive as a 30 year loan -- it is more affordable than you may think!.
A 15 Year loan means that you are putting more of your disposable monthly income toward paying off your mortgage debt than in other investment vehicles. Against most competitve investments, your house compares quite favorably.

5/1, 7/1, and 10/1 Libor AMR

The ARM you choose is named for the way it works. For instance, a 5/1 ARM has a fixed rate and payment during its first five years, and then it resets annually, according to its terms. Similarly, 10/1 ARM rates remain fixed for the first ten years of their terms.

FHA Loan

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans.