Mortgage Home Loan Programs

Adjustable Rate Mortgages (ARMs)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.


Balloon Mortgages
Balloon loans are short term mortgages that have some features of a fixed rate mortgage.


COFI Index
This index is used to determine the interest rate for some types of ARMs.


Commercial Loans
Loan programs for commercial and investment properties.


Conventional and Jumbo Loans
Conventional loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac.


FHA Loans
Programs that help low and moderate income families become homeowners by lowering some of the costs of their mortgage loan.


Fixed Rate Mortgages
A loan program where your monthly principal and interest payments never change.


Graduated Payment Mortgages (GPMs)
The GPM is an alternative to the conventional adjustable rate mortgage, and has a fixed note rate and payment schedule.


Home Equity Lines of Credit
Loan Home Equity Lines of Credit programs to take advantage of the equity in your home.


Interest Only Loans
“Interest only" products are an easy way to save money and a very popular alternative to traditional fixed rates but they are not without risk. An "Interest Only" loan can offer consumers greater purchasing power, increased cash flow and a number of other benefits which are listed later in this article.


Interest Rate Buy downs
The most common buy down is the 2-1 buy down. In the past, for a buyer to secure a 2-1 buy down they would pay 3 points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.


Introductory Rate ARMs
Most adjustable rate loans (ARMs) have a low introductory rate or start rate, some times as much as 5% below the current market rate of a fixed loan.


LIBOR Index
This index is used to determine the interest rate for some types of ARMs.


Reverse Mortgages
A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home into cash.


Second Mortgages
Loan Home Equity Lines of Credit programs to take advantage of the equity in your home.


Standard ARMs and the Differences
Various types of adjustable rate mortgages.


Subprime Loans
Programs for those that have less than perfect credit.


VA Loans
Loan programs available to those who qualify by military service.