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Types of Loans

Thirty-Year or Twenty-Year Fixed Rate Mortgage
The traditional 30/20-year fixed-rate mortgage has a constant interest rate and the monthly payments will never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable/balloon rate loans are usually cheaper. These have no pre-payment penalties.

Fifteen-Year or Ten-Year Fixed Rate Mortgage
These loans are fully amortized over a 15/10-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.  There are no pre-payment penalties on these loans.

Home Equity Line of Credit (often called HELOC, pronounced Hee-Lock)                                      A loan where an agreed amount of the homes equity is established.  The homeowner may draw on that amount known as the “Line of Credit” at his or her discretion.  The interest is charged on a predetermined variable rate, which is based off of the prevailing prime rate. The maximum APR that may be imposed is 18%.  Once there is a balance owing, the repayment schedule is set up for a minimum interest amount for the first 10 years, but additional principal reduction is welcomed.  After that 10 years the remaining balance is set up at a fixed term for an additional 10 years to pay in full.  This loan could carry a pre-payment penalty if paid and closed before 2 years.  An appraisal is required, the estimated cost can range from $0.00 to $400.00. 

Fixed Home Equity Loan                                                                                                                         This loan will enable the homes equity to be established at a fixed one and done amount.  The rate is also fixed over a 10 or 15 year term and is paid monthly until paid in full with no pre-payment penalties.  An appraisal is required, the estimated cost can range from $0.00 to $400.00. 


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