Loan Programs

What type of mortgage is best for you?

For more information, please call 212-601-2787 and ask to speak to a loan representative.

15-Year and 30-Year Fixed Rate

Payment and rate stay the same from start to finish

Advantages: Maximum interest deduction for taxes, sometimes easier to qualify, stable predictable payments, high loan to value, lower down payment, possible secondary financing if needed.

Disadvantages: Pay more interest over the life of the loan, higher starting interest rate, Lower debt ratio (Larger Income needed to qualify) Higher monthly payment.

Adjustable Rate Mortgage (ARM)

Lower start rate then a fixed loan. Rate is fixed for a set period (ex. 3 years, 5 years) then adjusts either every 6 months or every 12 months depending on the program index.

Advantages: Lower starting rate than 30 year fixed. Great for refinancing from a higher rate when you plan a move in 1-7 years. Available with the interest only option.

Disadvantages: If you remain in your house for longer than the fixed period, your rate can potentially increase after that period.

Interest Only

Interest only loan programs are a great way to keep your monthly payment as low as possible. You pay only the interest due on your loan each month. Of course, if you want you can also increase your payment amount to be applied to your principle balance.

Advantages: Low monthly payments. Reduces your monthly payment by approximately $100 per $100,000 financed.

Disadvantages: Principle balance remains the same unless you pay additional towards the balance each month.

Reverse Mortgages

Reverse mortgages are a powerful tool for homeowners over the age of 62.  There are no credit score requirments, no income or asset requirments to qualify for a reverse mortgage.  Because reverse mortgages can be confusing to many homeowners, and are limited to borrowers over the age of 62, please call to discuss the options, benefits, risks and features of reverse mortgages.  Contact Scott Bonora at 212-601-2787.

Additional Comments

This information gives you only the basics of the many types of loan products available. The type of mortgage program you choose can have large financial advantages or disadvantages. Therefore, it is important that you speak to one of our mortgage professionals to determine the best program for you.