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Home » Mortgage » Which loan is right for me?

Get Your Pre-Approval today

Ana Wilbanks - Mortgage Loan Officer
Preferred Lender by The Keyes Home Team
Phone: 305-822-9800
Mobile: 305-606-4507

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Our Home Mortgage offers a variety of home loan programs to meet your needs. We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken the mystery out of approving and closing  home loans.
 
Years you plan to stay in the house Recommended program I like cash-out early
2nd Mortgage		 I like to refinance
for home improvements		 Investment
to resell or rent
1-3 3/1 ARM, 1 year ARM or 6 month ARM 3/1r ARM - 15 Year Fix 1 year ARM,  3/1 or 5/1 ARM Interest Only
3-5 5/1 ARM  3-1 or 5/1 ARM- 15 Year Fix 1 year ARM,  3/1 or 5/1 ARM Interest Only
5-7 7/1 ARM  3-1, 5/1 or 7/1 ARM- 15 Year Fix 3/1 year ARM,  5/1 or 7/1 ARM Interest Only
7-10 10/1 ARM, 30 year fixed or 15 year fixed 7/1 or 10/1 ARM- 15 Year Fix 5/1 year ARM,  7/1 or 10/1 ARM Interest Only
10+ 30 year fixed or 15 year fixed 30 year fixed or 15 year fixed 30 year fixed or 15 year fixed Interest Only


 
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 1st 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!