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Quick Links HOMES FOR SALE FEATURED LISTINGS COMMUNITIES MEET THE TEAM NEW LISTING ALERT 15 SECOND APPRAISAL SCHOOL INFORMATION HOME BUYING SELLING A HOME FREE REPORTS FORMS HOME FINANCE FINANCING TERMS TODAY'S RATES TESTIMONIALS LOCAL NEWS MOVIE TIMES COMMUNITIES Carlsbad Carmel Valley Chula Vista Clairemont Coronado Del Mar Downtown San Diego El Cajon La Jolla La Mesa North Park Oceanside Pacific Beach Rancho Santa Fe San Marcos BUYING A HOME HOME SEARCH NEW HOMES FEATURED LISTINGS OPEN HOUSES NEW LISTING ALERT THE BUYING PROCESS HOME LOAN PROCESS FINANCE CENTER FIRST TIME HOME BUYING HOW TO HIRE AN AGENT HOW TO HIRE AN INSPECTOR INSPECTION CHECKLIST NEGOTIATING AS A BUYER TAX BENEFITS HOME BUYING BUY AS AN INVESTOR BUYERS RESOURCE CENTER DOWN PAYMENT ASSISTANCE BUYING RETIREMENT HOME BUYING FIXER UPPER 2ND HOME BUYER BUILD OWN HOME TYPICAL FAMILY BUYER SINGLE BUYER VACATION HOME BUYER HOME MOLD INSPECTION REMODELING HOME INSURANCE SELLING A HOME WHY USE US WHAT IS MY HOME WORTH? WHAT WILL MY HOME SELL FOR? WHICH AGENT IS BEST SELLING YOURSELF SETTING THE PRICE HOME STAGING SELLING PROCESS NEGOTIATING AS A SELLER TAX IMPLICATIONS 1031 TAX EXCHANGE SELLERS RESOURCE CENTER SELLER ASSISTED BUYING HOME LOAN CENTER LOAN PROCESS TYPES OF LOANS TYPES OF LENDERS 0 DOWN VA VET LOANS FHA HUD COP NEXT DOOR NURSE-DOCTOR HOME LOANS TEACHER HOME LOANS MILITARY HOME LOANS SINGLE PARENTS STATE SPONSORED GIFTING PROGRAM POOR CREDIT RAISE CREDIT SCORE ESCROW CREATIVE FINANCING           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 fixedor 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 5/1 Arm 3/1 ARM 1 year ARM 6 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 1st 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!