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Which loan is right for you?

Below is a general "Rule of Thumb" to use when deciding which BMC Mortgage loan program is best for you, and a description of common loans available to today's borrowers.


Years you plan to stay in the house

Recommended program
1-3
3/1 ARM, 1 year ARM or 6 month ARM
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

Loan Programs
Advantages
 
30 year fixed
15 year fixed
· 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
   
Adjustable Rate Mortgages
· 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
   
Balloon Mortgages
· Lower initial monthly payment
· Lower payment over a shorter period of time
· Many balloon mortgages offer the option to convert to a new loan after the initial term.
   
First Time Buyer Programs
· Lower down payment
· Easier to qualify
· Sometimes you may get lower rate
   
Home Equity Line of Credit
· You only borrow what you need
· Pay interest only on what you borrow
· Flexible access to funds
· Interest may be tax deductible
   
Home Equity Fixed Loan
· Fixed payments
· Interest may be tax deductible
   
FHA
· Great for first time home buyers
· Minimum of 3% investment required, which can be a gift source
· Loan limits vary from county to county
· Government-backed program
   

VA
· Program for active duty and veteran military personnel
· Veterans can receive 100% financing-sometimes with funding fees waived
   
Besides our standard loan programs, we also have a large number of unique programs to serve your needs:
· Purchase a house with 0 down
· Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
· Debt consolidation programs
· Home Improvement loans

 



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