Home loans used to only come in the vanilla-flavored fixed rate. Now,
there are more flavors to fit the varied needs of consumers. Some of you may not
have a 20% down payment while others of you may be self-employed or have a low credit
score. Just a few years ago, you probably would have been turned down. Today’s mortgage
industry has a portfolio of home loans to meet these unique situations.
Some home loans are available with minimal or no down payments. You
can choose from interest only loans or adjustable rate mortgages, which have interest
rates that go up or down over a period of time in response to the market. Sub prime
and Alt-A home loans are available for those of you with less-than-perfect credit.
If you are lucky enough to buy a high-priced home, jumbo home loans are available
for mortgages over $500,000. Of course, for the traditional group out there, you
can still select fixed interest rate homes loans that extend over 15-, 20-, or 30-year
Making the Right Choice
To help you decide the flavor of your home loan, you can do all kinds
of research on the Internet where various home loans are discussed in great detail.
You can learn about the advantages and disadvantages as well as look at charts that
compare different home loans side by side. But the best choice would be to work
with a mortgage professional. We'll be happy to help you determine which loan is
best for you and tell you the best rate we can find. Just give us a call
We've provided an overview of the various loan programs to help you
get an idea of what's available.