Which loan is right for you ?                              
        
 

Years You Plan to Stay in Home

Recommended Program

  
       1 - 3 Years      6 Month ARM, 1 Yr ARM, 3 Yr ARM  
       3 - 5 Years      5 Yr ARM  
       5 - 7 Years      7 Yr ARM  
       7 - 10 Years      10 Yr ARM, 15 Yr Fixed, 30 Yr Fixed  
       10 + Years      15 Yr Fixed, 30 Yr Fixed  
       Loan Programs

Advantages

Disadvantages

  
       Fixed Rate Mortgages  

    15 Year

    30 Year

  
  • Monthly payment fixed for life of loan.
  • Interest rate does not change.
  • Protected if rates go up.
  • Can refi if rates go down.
  
  • Higher mortgage payment.
  • Rate does not drop if interest rate improve.
       Adjustable Rate Mortgages  

    1 Month ARM

    6 Month ARM

    1 Year ARM

    3/1 Year ARM

    7/1 Year ARM

   10/1 Year ARM

  
  • Lower initial payment.
  • Rates & payment may go down if interest rates improve.
  • May qualify for higher loan.

 

  
  • More risk.
  • Payments may change over period of time.
  • Potential higher payments if interest rates go up.
       Balloon Mortgages

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    5 Year

    7 Year

 

  
  • Lower initial payment.
  • Many balloon mortgages offer the option to convert to new loan after initial term.

 

  
  • Risk of rates being higher at the end of initial fixed period.
  • Risk of foreclosure if you can't make balloon payment or are unable to refinance.
       First Time Home Buyer Mortgage Programs  

  

 

  
  • Low down payment.
  • Easier to qualify.
  • On occasion lower rate.

 

  
  • May be subject to income & property value limitations.
  • Some government programs may have a recapture tax if you sell the house to early.
       Stated Income Mortgage Programs  

  

 
  • Don't need to verify income.
  • Faster approval.

 
  • Higher interest rates.
       No Points, No Fees Mortgage Programs  

  

 
  • Less money required to close.
  • No closing costs.

 
  • Higher interest rates.
  • Higher payments.
       Imperfect Credit Mortgage Programs

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  • Potential for re-establishing credit if you pay your mortgage on time.
  • When used for debt consolidation, you may reduce your monthly payments.

 
  • Higher interest rates.
  • Terms may not be as favorable.
  • Harder to get long term fixed.
  • Loans may have prepayment penalties.
       Other Mortgage Programs  
  • Purchase your home with no money down.
  • Debt consolidation.
  • Home improvement.
  • Home equity line of credit (HELOC).
 

APPLY NOW

Platinum Mortgage Corporation - 901 Sunrise Ave Suite A-19 - Roseville, CA 95661

Phone (916) 960 - 5252 - Fax (916) 780-4002