Loan Programs
Choosing a Loan Program
The right type of mortgage for you depends on many different factors.
Conventional and Jumbo Loans
Conventional loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac.
Fixed Rate Mortgages
A loan program where your monthly principal and interest payments never change.
Standard ARMs and the Differences
Various types of adjustable rate mortgages.
Cost of Funds Index (COFI)
This index is used to determine the interest rate for some types of ARMs.
London InterBank Offered Rate (LIBOR)
This index is used to determine the interest rate for some types of ARMs.
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.
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.