Home Loans Comparison

Home Loans Comparison By Robert Irwin, Global Home Loans & Finance Getting a home loan from Global can save you time and money because Global offers you a large selection of lenders, very competitive rates and excellent service. The online application and our loan tracking system lets you apply for your loan anytime, and keep up to date on your loan's status whenever it's convenient for you. Our vision is to combine the Internet's high-tech approach with the "high-touch" benefits of personal service. Which home loan is right for me?
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 Year Fixed, or 15 Year fixed
10 +	30 Year Fixed, or 15 Year fixed



Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages:
30 year fixed	Monthly payments are fixed over the life of the loan	Higher interest rates
15 year fixed	Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher mortgage payments Rates do not drop if interest rates improve


Adjustable Rate Mortgages:
10/1/ARM	Low initial monthly payment	More risk
7/1/ARM	Lower payment over a shorter period of time	Payments may change over time
3/1/ARM	Rates and payments may go down if rates improve	Potential for high payments if rates go up
1 year ARM	May qualify for higher loan amounts	-
6 month ARM	-	-
1 month ARM	-	-


Balloon Mortgages :
7 year	Lower initial monthly payment	Risk of rates being higher at the end of the initial fixed period
5 year	Lower payment over a shorter period of time	Risk of foreclosure if you cannot make balloon payments or if you cannot exercise the conversion option


First Time Buyer Programs:	Lower down payment Easier to qualify Sometimes you may get Lower rates	May be subject to income and Property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house to early


Stated Income Programs:	Don't need to verify income Faster approval	Higher rates Higher down payment


No Point, No fee Programs:	No closing costs Less money required to close	Higher rates Higher payments


Imperfect Credit Programs:	Potential for reestablishing credit if you pay your mortgage on time When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rate terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties


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	Rates can change The maximum Interest rate is normally high Payments can change Harder to refinance your first Mortgage


Home Equity Fixed Loan:	Fixed payments Interest may be tax deductible	Higher interest rates than on first mortgages Harder to refinance your first Mortgage
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 Qualify even if you may have been turned down before!


Robert Irwin rirwin@ghlf.com http://www.jumbomortgagepro.net

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Which home loan is right for me?