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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