Recommended Programs

Use the information below to choose the best program for your need.

30 Year Fixed

The rate and payment is fixed for the full length of the loan term.  Part of the monthly payment is applied to the principal and the balance is applied to the interest.

Short Term Fixed

Generally referred to as a 2, 3, 5, 7, or 10 year fixed rate program.  These loans are fixed for a designated time and then turns into a no-negative amortization ARM for the remainder of term.  While these rates do adjust after the initial fixed term, they are often offer a much lower rate than a 30 year fixed, saving you a significant amount in interest.

Home Equity Line Of Credit (HELOC)

Usually used as a second mortgage.  These are revolving loans giving you access to an account with a limit of credit that you may chose to use or chose not to use. 

Deferred Interest (Neg-Am) Loan

This loan offers the most flexibility in terms of payments.  You are offered each month 4 different payment options 1) a minimum payment usually based on fixed rate much less than the actual rate; 2) an interest only payment; 3) principal and interest payment amortized over 30 years; 4) or a principal and interest payment amortized over 15 years.  It is your choice.  This loan program, once you are comfortable with how it works, can be a valuable tool in managing your cash flow and investments.

Additional Comments

While a fixed rate loan seems to offer the most conservative option, once you get to learn about the other programs, you will find that the more conservative and flexible loans are adjustable.  Ask Lisa Anderson about which program best fits your specific goals of managing your debt and using your home as an investment tool.