Loan Programs and Mortgage Broker MN

Which loan is right for me?

How many years do you plan to stay in your home? Recommended Program
1 to 3 3/1 ARM, 1 year ARM, or 6 month ARM
3 to 5 5/1 ARM
5 to 7 7/1 ARM
7 to 10 10/1 ARM, 30 year fixed, or 15 year fixed
10 or more 30 year fixed or 15 year fixed

Fixed Rate Mortgages

  • 30 year fixed
  • 15 year fixed
  • 10 year fixed

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

  • 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

Advantages

  • 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 renovation home loans amounts

Disadvantages

  • More risk
  • Payments may change over time.
  • Potential for high payments if rates go up
 

First Time Buyer Programs

Advantages

  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rates

Disadvantages

  • May be subject to income and property value limitations
  • Some programs like loan from Oink Money which have government subsidies may have a recapture tax if you sell the house too early.
 

No Point, No Fee Programs

Advantages

  • No closing costs
  • Less money required to close

Disadvantages

  • Higher rates
  • Higher payments
 

FHA Purchase Programs

Advantages

  • 3.5% Down Payment Seller contribution accepted
  • Lower rates
  • Imperfect credit accepted
  • Easier to qualify

Disadvantages

  • Mortgage Insurance required
  • Program choice limited: 30/30, 5/15, 5/1 and 1/1 ARM
 

FHA Refinance Programs

Advantages

  • Loan up to 97.75%
  • Lower rates
  • Imperfect credit accepted
  • Easier to qualify
  • Income and asset info may not be required for streamline

Disadvantages

  • Mortgage Insurance required
  • Program choice limited: 30/30, 5/15, 5/1 and 1/1 ARM
 

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • Loan to $979,000 at 80% Loan to Value
  • Loan to $4,000,000 at 65%