Mortgage Express Loan Programs

Thinking About Refinancing? You may decide to refinance to accomplish a variety of goals, but for some basic reasons: To save money by getting a lower interest rate or to save money by using a tax-deductible loan (the refinance) to pay off non-tax-deductible debt. Convert a higher interest rate mortgage to a lower interest rate mortgage Lower their cost of debt by converting non-tax-deductible debt, such as credit cards or car loans, to tax-deductible mortgage debt. Convert an adjustable rate mortgage to a fixed rate. Consolidate a first and second mortgage into one lower-rate mortgage. To get cash for family needs/expenses (tuition, medical expenses, etc.)To reduce the term of their mortgage. APPLY NOW WITH OUR SECURE ONLINE APPLICATION!

Which Loan is Right for You? Below is a general "Rule of Thumb" to use when deciding which Mortgage Express loan program is best for you, and a description of common loans available to today's borrowers. Years you plan to stay in the house Recommended Program 1-3 3/1 ARM, 1 year ARM or 6 month 3-5 5/1 ARM 5-7 7/1 ARM 7-10 10/1 ARM, 30 yr fixed or 15 yr fixed 10+ 30 year fixed or 15 year fixed Apply Now Loan Program Advantages Disadvantages 30 year fixed Monthly payments are fixed Higher interest rate 15 year fixed Interest rate does not change Higher mortgage payments   Protected if rates go up Rate does not drop if interest rates improve   Can refinance if rates go down   Apply Now Loan Program Advantages Disadvantages Adjustable Rate Mortgages Lower initial monthly payment More risk   Lower payment over shorter period of time Payments may change over time   Rates and payments may go down if rates improve Potential for high payments if rates go up   May qualify for higher loan amounts   Apply Now Loan Program Advantages Disadvantages Balloon Mortgages Lower initial monthly payment Risk of rates being higher at the end of the intial fixed period.   Lower payment over shorter period of time Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option   Many balloon mortgages offer the option to convert to a new loan after the initial term     Apply Now Loan Program Advantages Disadvantages First Time Buyer Programs Lower down payment May be subject to income and property value limitations   Easier to qualify Some programs which have government subsidies may have a recapture tax if you sell the house too early.   Sometimes you may get a lower rate     Apply Now Loan Program Advantages Disadvantages Stated Income Programs Don't need to verify income Higher rates Faster approval Higher down payment Apply Now Loan Program Advantages Disadvantages No Point, No Fee Programs No closing costs Higher rates Less money required to close Higher down payment Apply Now Loan Program Advantages Disadvantages Imperfect Credit Programs Potential for reestablishing credit if you pay your mortgage on time. Higher rates   When used for debt consolidation, you may be able to reduce your monthly debt payment Terms may not be as favorable     Harder to get long term fixed loans     Loans may have prepayment penalties Apply Now Loan Program Advantages Disadvantages Home Equity Line Of Credit You only borrow what you need Rates can change.   Pay interest only on what you borrow The maximum interest rate is normally high.   Flexible access to funds Payments can change   Interest may be tax deductible Harder to refinance your first mortgage               Apply Now