• Home Page
• Mortgage Programs
• Loan Process
• Contacts
• Home Purchase
• Refinance

Loan Programs (click on program for more information)

Advantages 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

Disadvantages Lower initial monthly payment Rates and payments may go down if rates improve May qualify for higher loan amounts 30 year term, no balloon payment

Advantages Competitive rates for borrowers with a lower credit score Lower down payments required Closing costs can be gifted or included in mortgage Less stringent approval guidelines

Disadvantages Full documentation of income and assets No stated income or asset programs

Advantages Don't need to verify income Faster approval Good for borrowers who may not qualify with a full income documentation program

Disadvantages Higher rates Higher down payment

Advantages You have several payment options Lower monthly payments Qualify for a higher loan amount Qualify at the interest only payment Option to pay the full normal payment Interest only payments for up to ten years

Disadvantages Higher rates Principal loan balance will not decrease during the interest only payment period

Advantages Lower initial monthly payment Rates and payments may go down if rates improve May qualify for higher loan amounts 30 year term, no balloon payment

Disadvantages More risk Payments may change over time Potential for higher payments if rates increase

Advantages Lower down payment Easier to qualify Lower rates may be available

Disadvantages May be subject to income and property value limitations Some government subsidized programs may generate a recapture tax if you sell the house too soon

Advantages You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible May be free of closing costs A good source for an emergency fund, if set up in advance Can be used for debt consolidation and lower payments Rates are usually lower than consumer loan or credit card rates

Disadvantages Rates can change Payments can change Harder to refinance your first mortgage

Home PageMortgage ProgramsLoan ProcessContactsHome PurchaseRefinance

GMI Home Loans, LLC. is licensed by the N.J. Department of Banking and Insurance.
Walshmortgage © 2006-2007. All Rights Reserved