At San Francisco
Mortgage Company, our #1 goal is to help you find what best
to suits your needs. Please take a look below at the
various Loan Programs that might fit you:
■
Fixed Rate Mortgages
The most common type of mortgage program where your monthly
payments for interest and principal never change.
■
Adjustable Rate Mortgages
(ARM)
These loans begin with an interest rate that is lower than a
comparable fixed rate mortgage, but the rate changes at
specified intervals.
■
Standard ARMS and the
Differences
Choosing an ARM with an index that reacts quickly lets you
take full advantage of falling interest rates.
■
Introductory Rate ARM's
Most ARM's have a low introductory rate, which is good
anywhere from 1 month to as long as 10 years.
■
Reverse Mortgages
A Special type of loan made to older homeowners to enable
them to convert the equity in their home to cash to finance
other needs.
■
Balloon Mortgages
Short term mortgages that have some features of a fixed rate
mortgage.
■
Interest Rate Buydowns
The buyer would pay points above current market points in
order to pay a below market interest rate during the first
two years of the loan. At the end of the two years they
would then pay the old market rate for the remaining term.
■
Cost of Funds Index (COFI)
The ratio of the dollar amount paid in interest during the
month to the average dollar amount of the funds for that
month constitutes the weighted average cost of funds ratio
for that month.
■
Graduated Payment Mortgage (GPM)
With a GPM the payments are usually fixed for one year at a
time.
■
Choosing The Best Program
The right type of mortgage for you depends on many different
factors.
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San Francisco Mortgage Company is an
Equal Housing Lender Licensed by
State of California DRE #00799928 and DOC #6052990 |
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