Absolute Mortgage

Loan Programs

Which 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 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	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	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	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	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.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance 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 too 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 rates 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 1^st 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!

Refinance Wizard It’s your equity, get what you want out of it.

FREE Rate Quote Know before you go, click here to get a free quote

Iva Burmeister

Sr. Mortgage Advisor
MLO 283871

Cell:

206-280-0022

Office:

425-750-9974

Fax:

425-224-8621

Click Here to email me

"We of the Everett Home Team pride ourselves on bringing the skills and ethics of our various backgrounds to the benefit and service of our clients. Between us, we can bring the experiences of a combat Marine, retired police officer, horticulturalists, small business owners, parents, grandparents, as well as mortgage bankers and brokers to help us understand the needs and goals of every client. We strive to listen carefully to every individual's situation, and leverage our skills and experiences to make every transaction further the goals of our client, both today and in the years to come."

National Rates

May 16	30 Year	15 Year
Average Rate	4.57%	3.59%
Fees/Points	0.80	0.70

Rates are based on National Average and do not constitute a specific mortgage offer.

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