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Albuquerque Home Loan Guide
     

Which Loan Is Right For You?
 
Years you plan to stay in the house

Recommended Program

1-3
3/1 ARM, 1 year ARM or 6 month
3-5
5/1 ARM
5-7
7/1 ARM
7-10
10/1 ARM, 30 yr fixed or 15 yr fixed
10+
30 year fixed or 15 year fixed
 
30/15 Year Fixed
Loan Program Advantages Disadvantages
30 year fixed Monthly payments are fixed Higher interest rate
15 year fixed Interest rate does not change Higher mortgage payments
  Protected if rates go up Rate does not drop if interest rates improve
  Can refinance if rates go down  
 
Adjustable Rate Mortgages
 
Loan Program Advantages Disadvantages
Adjustable Rate
Mortgages 		Lower initial monthly payment More risk
  Lower payment over shorter period of time Payments may change over time
  Rates and payments may go down if rates improve Potential for high payments if rates go up
  May qualify for higher loan amounts  
 
Balloon Mortgages
Loan Program Advantages Disadvantages
Balloon
Mortgages 		Lower initial monthly payment Risk of rates being higher at the end of the intial fixed period.
  Lower payment over shorter period of time Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
  Many balloon mortgages offer the option to convert to a new loan after the initial term
   
 
First Time Buyers Programs
Loan Program Advantages Disadvantages
First Time Buyer Programs Lower down payment May be subject to income and property value limitations
  Easier to qualify Some programs which have government subsidies may have a recapture tax if you sell the house too early.
  Sometimes you may get a lower rate
   
 
Stated Income Programs
 
Loan Program Advantages Disadvantages
Stated Income Programs Don't need to verify income Higher rates
Faster approval

 Higher down payment
 
No Point, No Fee Programs
Loan Program Advantages Disadvantages
No Point, No Fee Programs No closing costs Higher rates
Less money required to close

 Higher down payment
 
Imperfect Credit Programs
Loan Program Advantages Disadvantages
Imperfect Credit Programs Potential for reestablishing credit if you pay your mortgage on time. Higher rates
  When used for debt consolidation, you may be able to reduce your monthly debt payment Terms may not be as favorable
    Harder to get long term fixed loans
    Loans may have prepayment penalties
 
     
 
Quick Contact
 
     
TC Mortgage

An Albuquerque Mortgage Broker & Lender
Phone: 505-792-5777
FAx: 505-792-1999

Push to Talk To An Albuquerque Mortgage Specialist
 
     
 

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