The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Fixed rate mortgages are available for 15 years, 20 years, 30 years, and even 40 years.

These loans are divided into Conforming Loan amounts ($417,000. or less) and Jumbo Loan amounts ($417,000. or greater). The jumbo loan rate will generally be a little higher than conforming.

Adjustable Rate Mortgages (ARMS) are available for both purchases and refinances.

The interest rate is tied to an index and is usually fixed for 3,5,7,or 10 years. After the intial fixed period and monthly payment can change based on adjustments to the index rate.

Because the interest rates tend to be lower than the fixed rates, ARMS are generally appealing to borrowers that anticipates moving or refinancing by the end of the fixed period.

These loans are divided into Conforming Loan amounts ($417,000. or less) and Jumbo Loan amounts ($417,000. or greater). The jumbo loan rate will generally be a little higher than conforming.

These loans are generally used in tandem with another standard product to allow borrowers that are not putting down 20% to avoid paying Principal Mortgage Insurance.  80/10/10%, 80/15/5%, 80/20%

Although the rates tend to be higher than the standard first loans the combination of the two usually comes out to the borrowers advantage.

Call our office and we can work up the scenarios and see if this is the right way for you to go.  225-766-1236

A home equity line of credit (HELOC) is a form of credit in which your home serves as collateral.

The loan is generally a revolving line of credit that is tied to and index. With a HELOC, the note can change depending on the Prime Rate. Some of these products are based on interest only payments.

These loans are not standardized like typical mortgage loans.  Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy.

Construction loans are usually variable-rate loans priced at a spread to the Prime Rate. You, the contractor and the lender establish a draw schedule based on stages of construction, and interest is charged on the amount of money disbursed to date.

These loans are generally based on the Prime Rate plus .50%. The Prime Rate is currently 7.50%. Call our office for more details on the Construction Packages. 225-766-1236