Here are few basic loan types that I offer. I not only have access to Golf Savings Bank’s loan products. I have access to over 50 lenders nation wide and all of loan products, far too many to list. Please call and I’ll help find the loan that fits your needs perfectly.

Here are just a few. Call for more information and for help deciding which loan fits your needs.

Fixed Rate

This ‘traditional’ type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won’t have any impact on the amount of interest you pay because that rate is already “fixed.”

A Fixed Rate Mortgage loan may be a good choice if you:

• Want to increase the amount of loan you can qualify for
  
• Want the security of knowing what your mortgage payment will always be
• Plan to stay in this home for at least ten years
• If, in the coming years, you don’t expect your income to increase significantly

Fixed rate Mortgage Loans come in 10, 15, 20, and 30 year terms. In determining the length of your loan, you may want to consider:

• Total amount of interest you want to pay over the course of your loan
  For example, the total cost of a 30 year loan is higher than the total cost of a 10, 15, or 20 year loan. You are trading lower monthly payments for a greater number of monthly payments. (It takes about 22.5 years to pay off half the principal for a 30 year loan.)
  
• Your ability to make high monthly payments
  If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15 year term will save you thousands in interest charges vs. the typical 30 years.

Another option to shorten loan time and decrease the amount of interest you pay is to get a 30 year loan, so you don’t lock yourself into higher monthly payments, and pay “extra” each month towards the principal.

Adjustable Rate Mortgages

While the name of this type of loan almost says it all, there are certain things about Adjustable Rate Mortgages (ARMs) that you should know.

The Rates Are Lower -- Way Lower:
Because ARM's are subject to rate adjustments later on, the initial interest rate is set lower than standard fixed rates. This rate provides you with initial lower payments or increased purchasing power.

ARMs Have Changed:
In addition to standard programs that adjust annually, these programs provide an initial fixed rate from three to ten years before the rate adjusts at all. These options are best for those who want added payment stability and lower monthly expense.

Life Styles Change:
First-time homebuyers no longer tend to stay in their "starter" home for 30 years and experienced homeowners often plan to payoff their mortgage long before the 30 year maturity date. Both of these types of borrowers may benefit from choosing an ARM product with an initial fixed rate period that corresponds with the amount of time their loan is expected to be outstanding.

An Adjustable Rate Mortgage may be a good choice if you:

• Want to maximize your buying power
• Want to keep your payments lower during the first few years of your loan
• Plan to move into a different home within the next ten years
• Plan to pay-off your mortgage within the next 10 years
• If, in the coming years, you expect your income to increase significantly

Jumbo Loans

In the market for that “once in a life time” dream house? Does your dream translate into a loan that’s larger than the Fannie Mae's conventional loan limit of $300,700? If you can make a large down payment and pay all your closing costs up front, you will get a lower rate by staying below this $300,700 limit. However, if your financing needs are greater, a Jumbo loan may be the right choice.

No down payment? Go Zero down!:
No down payment but you have good credit..you may not need a down payment.

Limited documentation
a. No income verification
b. No income and asset verification
These loans are perfect for the borrower that has good credit and can make the house payments but just can’t qualify under conventional guidelines with his or here income.

Interest only payments
These loans only require that you pay the interest payments. These are good for a person has unstable income. You can pay off the principle when you have the money.

Less than perfect credit loans
So you haven’t paid all of your bills on time. You should still be able to buy a home…call and lets find out.

No mortgage insurance with less than 20% down!!
These are great loans! Have a 10% or even a 5% down payment and not pay mortgage insurance!

Second Mortgages
a. Home Equity Lines of credit
b. Fixed rate
Great for home improvements, sending Junior to college, pay off higher interest or just have money available when you need it.

Investment property loans
Buy a rental property with as little as 10% down. I have many loan programs that will help you buy your first rental or add to your real estate portfolio.