Loan Programs

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	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	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	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 loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don’t need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

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

Purchase a house with 0 down
Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
Debt consolidation programs
Home Improvement loans
Qualify even if you may have been turned down before!

DFW Texas Mortgage

Coppell
500 S. Denton Tap Rd. #110
Coppell, Tx. 75019
972-393-9640 office
972-393-9653 fax

Irving/Valley Ranch
1800 Market Place Blvd. #140
Irving, Tx. 75063
972-402-4188 office
972-402-4189 fax

Carrollton
1012 Hebron Pkwy. #120
Carrollton, Tx. 75010
972-389-2198 office
972-389-2199 fax

Flower Mound
3360 Long Prairie Rd. #100
Flower Mound, Tx. 75022
972-355-3561 office
972-355-3571 fax

Plano/Frisco
8100 Dallas Parkway #105
Plano, Tx. 75024
972-801-2444 office
972-801-2445 fax

P o w e r e d b y