| Credit-Building Loans Whatever your situation, we have a loan just for you. If it's a loan to buy a home, lower your monthly payments, pay bills or improve your credit - we've got it! Let me show you. CALL NOW!! |
LOANS TO HELP RE-ESTABLISH CREDIT
Loan Programs with their Advantages and Disadvantages:
ADJUST RATE MORTGAGE (ARM)
6 & 12 Month ARM - (Advan.) Six and twelve month ARMs can
significantly lower a mortgage payment for six or twelve months. That
can be enough time to catch up on other debt payments and improve
your credit rating.
(Disadvan.) However they can become expensive after the initial six or
twelve month introductory period. Chances are, you'll want to improve
your credit and obtain a better loan.
FIXED RATE MORTGAGES
2 & 3 Year Fixed - (Advan.) Two and three year fixed rate mortgages
provide the security of a fixed loan payment and relatively low, fixed
interest rate for the first, two, and three years. For most people trying to
improve their credit, two to three years is plenty of time. After two or
three years, these loans convert to ARM loans.
(Disadvan.) Two and three year fixed rate mortgages convert to ARM
loans at the end of the fixed rate period. Rates on ARMs can increase.
Chances are, you'll want to improve your credit and obtain a different loan
before the two or three years are up.
15 & 30 Year Fixed - (Advan.) Fixed monthly payment and rate project
against interest and monthly payment increases.
(Disadvan.) Higher interest rate to ARM introductory rates. Higher rate
compared to two and three year, fixed rate loans. Fifteen and thirty year
loans should generally be obtained if you plan not to move or refinance in
the foreseeable future. If you're trying to improve your credit in
anticipation of refinancing for a lower - rate loan, consider avoiding
these loans.
PRIVATE INVESTOR LOANS
(Hard Money) - (Advan.) Fast close, less "Red Tape", easy qualification
guidelines. (Disadvan.) Higher Interest Rate, Higher Loan Fee
CREDIT ADVANTAGE LOANS
ONCE GOOD CREDIT IS ESTABLISHED (OR RE-ESTABLISHED), THESE LOANS ARE
AVAILABLE
ADJUSTABLE RATE MORTGAGES
10/1 ARM, 7/1 ARM, 3/1 ARM, 1 Year ARM, 6 Month Arm,
2/28: 2YR. fixed rate; 28yr. ARM, 1 Month ARM -
(Advan.) Lower initial monthly payment, Lower payment over a shorter
period of time, Rates and payments go down if rates improve, May qualify
for higher loan amounts.
(Disadvan.) More Risk, Payments may change over time, Potential for high
payments if rates go up.
BALLOON MORTGAGES
15 year (30yr. fixed, due in 15), 7 year, 5 year -
(Advan.) Lower initial monthly payments, Lower payment over a shorter
period of time, Many balloon mortgages offer the option to convert to a
new loan after the initial term.
(Disadvan.) Risk of rates being higher at the end of the initial fixed period,
Risk of foreclosure if you cannot make the balloon payment, refinance or
exercise the conversion option.
NO or STATED INCOME/ASSET PROGRAMS
(Advan.) No tax returns or W-2's, No proof of assets or down payment, No
verification of income, fast approval
(Disadvan.) Higher rates, Higher down payment
NO POINT, NO FEE PROGRAMS
(Advan.) No closing costs, less money required to close.
(Disadvan.) Higher rates, Higher payments.
HOME EQUITY LINE of CREDIT
(Advan.) You only borrow what you need, Pay interest only on what you
borrow, Access to funds as needed, Interest may be tax deductible, Up to
125% loan-to-value
(Disadvan.) Rates can change. The maximum interest rate is normally
high, Payments can change, Harder to refinance your first mortgage.
HOME EQUITY FIXED LOANS
(Advan.) Fixed payments, receive one lump sum at closing, Interest may
be tax deductible.
(Disadvan.) Higher interest rates compared to 1st mortgages, Harder to
refinance your first mortgage.
Loan Programs with their Advantages and Disadvantages:
ADJUST RATE MORTGAGE (ARM)
6 & 12 Month ARM - (Advan.) Six and twelve month ARMs can
significantly lower a mortgage payment for six or twelve months. That
can be enough time to catch up on other debt payments and improve
your credit rating.
(Disadvan.) However they can become expensive after the initial six or
twelve month introductory period. Chances are, you'll want to improve
your credit and obtain a better loan.
FIXED RATE MORTGAGES
2 & 3 Year Fixed - (Advan.) Two and three year fixed rate mortgages
provide the security of a fixed loan payment and relatively low, fixed
interest rate for the first, two, and three years. For most people trying to
improve their credit, two to three years is plenty of time. After two or
three years, these loans convert to ARM loans.
(Disadvan.) Two and three year fixed rate mortgages convert to ARM
loans at the end of the fixed rate period. Rates on ARMs can increase.
Chances are, you'll want to improve your credit and obtain a different loan
before the two or three years are up.
15 & 30 Year Fixed - (Advan.) Fixed monthly payment and rate project
against interest and monthly payment increases.
(Disadvan.) Higher interest rate to ARM introductory rates. Higher rate
compared to two and three year, fixed rate loans. Fifteen and thirty year
loans should generally be obtained if you plan not to move or refinance in
the foreseeable future. If you're trying to improve your credit in
anticipation of refinancing for a lower - rate loan, consider avoiding
these loans.
PRIVATE INVESTOR LOANS
(Hard Money) - (Advan.) Fast close, less "Red Tape", easy qualification
guidelines. (Disadvan.) Higher Interest Rate, Higher Loan Fee
CREDIT ADVANTAGE LOANS
ONCE GOOD CREDIT IS ESTABLISHED (OR RE-ESTABLISHED), THESE LOANS ARE
AVAILABLE
ADJUSTABLE RATE MORTGAGES
10/1 ARM, 7/1 ARM, 3/1 ARM, 1 Year ARM, 6 Month Arm,
2/28: 2YR. fixed rate; 28yr. ARM, 1 Month ARM -
(Advan.) Lower initial monthly payment, Lower payment over a shorter
period of time, Rates and payments go down if rates improve, May qualify
for higher loan amounts.
(Disadvan.) More Risk, Payments may change over time, Potential for high
payments if rates go up.
BALLOON MORTGAGES
15 year (30yr. fixed, due in 15), 7 year, 5 year -
(Advan.) Lower initial monthly payments, Lower payment over a shorter
period of time, Many balloon mortgages offer the option to convert to a
new loan after the initial term.
(Disadvan.) Risk of rates being higher at the end of the initial fixed period,
Risk of foreclosure if you cannot make the balloon payment, refinance or
exercise the conversion option.
NO or STATED INCOME/ASSET PROGRAMS
(Advan.) No tax returns or W-2's, No proof of assets or down payment, No
verification of income, fast approval
(Disadvan.) Higher rates, Higher down payment
NO POINT, NO FEE PROGRAMS
(Advan.) No closing costs, less money required to close.
(Disadvan.) Higher rates, Higher payments.
HOME EQUITY LINE of CREDIT
(Advan.) You only borrow what you need, Pay interest only on what you
borrow, Access to funds as needed, Interest may be tax deductible, Up to
125% loan-to-value
(Disadvan.) Rates can change. The maximum interest rate is normally
high, Payments can change, Harder to refinance your first mortgage.
HOME EQUITY FIXED LOANS
(Advan.) Fixed payments, receive one lump sum at closing, Interest may
be tax deductible.
(Disadvan.) Higher interest rates compared to 1st mortgages, Harder to
refinance your first mortgage.
| Frazier Mortgages |
Loan Programs
Contact me at:
(239) 821-7900
sfrazier@fraziermortgages.com
(239) 821-7900
sfrazier@fraziermortgages.com
 | |  | |  | |  | |  | |  |
| Shannon F. Frazier Licensed Mortgage Broker |
Apply Now!
