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Loan Program link for RESCOM

Which loan is right for me?


 

 Program

 Pros

 Cons

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 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 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

 

 

 

 

 

 

 

 

 

 

 

 

 

Rescom Financial is a separate entity in Newport Beach, Ca. Links provided on this site as a courtesy to visitors to Colonialcredit.com and are in no way to be construed as origination solicitation or services offered by Colonial Credit. Any such services or offers are provided solely by Rescom FInancial Services, NMLS# 22671

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