United Equities Mortgage Broker, Inc. has an extensive mortgage product line with a full complement of conventional, governement (FHA), conforming and jumbo fixed and adjustable rate loans. These programs enable us to offer the best options for any client who wants to refinance their existing loan or who wants to purchase a home from a first time buyer to an experienced buyer.
At United Equities Mortgage Broker, Inc. we offer very competitive rates. We will assist with you from the beginning of the process and work with you until the very end.
Below you can see some of the mortgage options available.
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Years you plan to stay in the house |
Recommended Program |
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1-3 |
3/1 ARM, 1 year ARM or 6 month ARM |
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3-5 |
5/1 Arm |
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5-7 |
7/1 ARM |
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7-10 |
10/1 ARM, 30 year fixed or 15 year fixed |
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10+ |
30 years or 15 year fixed |
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Conventional Loans
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Loan Programs
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Benefits
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Drawbacks
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Fixed Rate Mortgages
30 year fixed
15 year fixed
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· 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
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· Higher interest rate
· Higher mortgage payments
· Rate does not drop if interest rates improve
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Adjustable Rate Mortgages
10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM
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· Lower initial monthly payment
· Lower payment over a shorter period of time
· Rates and payments may go down if rates improve
· May qualify for higher loan amounts
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· More risk based on the market
· Payments may change over time (typically every 6 months)
· The Potential for high payments if rates go up
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First Time Buyer Programs
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· Lower down payment ranging as low as 3.5% to 5%
· Easier to qualify
· Sometimes you may get lower rates
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· May be subject to income and property value limitations
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Home Equity Line of Credit
(70% Loan-To-Value)
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· You only borrow what you need
· Pay interest only on what you borrow
· Flexible access to funds
· Interest may be tax deductible
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· Rates can change. The maximum interest rate is normally high.
· Payments can change
· Harder to refinance your first mortgage
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Home Equity Fixed Loan
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· Fixed payments
· Interest may be tax deductible
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· Higher interest rates than on 1st mortgages
· Harder to refinance your first mortgage
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Loan Programs
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Benefits |
Drawbacks
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Federal Housing Administration (FHA)
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· Low down payment and closing cost
· Closing cost can be paid by the seller on a purchase
· If an owner wants to refinance an existing mortgage, the closing costs can be added to the new loan
· The buyer can receive a monetary gift up to 100% for the down payment
· Approval requirements for a purchase or refinance may be flexible for a buyer or a seller with low to moderate income and with less than perfect credit history
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· Closing costs may be slightly higher
· May require two appraisals
· Any repairs to the property must be rectified before closing
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