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Loan Programs
Fixed Rate Mortgages
Adjustable Rate Mortgages
Balloon Mortgages
First Time Buyer Programs
No Income No Asset
Stated Income Programs
No point, No fee Programs
Sub Prime Credit Programs
Home Equity Line of Credit
Teachers Program
100% Loan Programs
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Balloon Mortgages
15 year loans are typically used to get you in the home with a lower
monthly payment. Payments are based on 30 years, but the loan is due in
15.
Advantages
- Lower monthly payment over a shorter period of time
- Many balloon mortgages offer the option to convert to a new loan after
the initial term.
Disadvantages
- Risk of rates being higher at the end of the initial fixed period
- Balance of note is due at end of term
- You must either make the final payment, refinance or sell the property
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