Mortgage Loan Planner

This planner is designed to help you to choose the best loan program for your circumstances.

If you do not find answers to your questions or would like further help or advice, just call 1-877-233-5191 or e-mail info@HouseOfLoans.com and one of our Mortgage Consultants will guide you step-by-step through the process.

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30, 15 or 10 year fixed
10+	30, 15 or 10 year fixed

Program	Advantages	Disadvantages
Fixed Mortgage Rates
30-year fixed 15-year fixed 10-year fixed	Monthly Payments are fixed over the life of the loan. Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve
Adjustable Rate Mortgages
10/1 ARM 7/1 ARM 3/1 ARM 1-year ARM 6-month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages
7-year 5-year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First time buyer programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early
Stated income programs	Excellent for borrowers with income that’s hard to verify Faster approval, less documentation	Higher rates Higher down payment
No point, no fee programs	No closing costs Less money required to close	Higher rates Higher payments
Imperfect credit programs	Potential for reestablishing credit if you pay your mortgage on time When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home equity line of credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deducible	Rates can change without caps. The maximum interest rate is normally high Payments can change monthly HELOCs are treated as “credit card” on your credit report
Home equity fixed loan	Fixed payments Allows you to consolidate consumer debts and raise overall credit score Interest may be tax deducible Helps you get rid of PMI	Higher interest rates than on 1st mortgages Harder to refinance your first mortgage
Construction loans	One loan, one closing One loan approval Choice of Prime minus 1% Construction Rate of 5/1, 7/1, or 10/1 ARM Construction rate No rate risk for permanent Up to 18 month buildout LTVs to 90% of cost No prepayment penalties 30 year term plus construction time

Besides our standard loan programs, we also have a large number of unique and creative programs to serve your needs:

• Purchase a house with 0 down
• Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
• Debt consolidation programs
• Home improvement loans
• Qualify even if you may have been turned down before!
• Less than perfect credit? We can help