posted Feb 12, 2012, 9:59 AM by Massey Kouhssari
| Years you plan to stay in the home | Recommended program |
|---|
1-3 years | 3/1 ARM, 1 year ARM or 6 month ARM | 3-5 years | 5/1 ARM | 5-7 years | 7/1 ARM | 7-10 years | 10/1 ARM, 30 year fixed or 15 year fixed | 10+ years | 30 year fixed or 15 year fixed |
RATES As Low As 5.95%
| Loan Program | Advantages | Disadvantages |
|---|
Fixed Rate Mortgages- 30 year fixed
- 15 year fixed
- subject to investor guidelines
- limited to conditions
| - 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
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