Education is the key to success, and a fundamental knowledge of the various types of loan programs available today can make homeownership the most rewarding financial decision that you will ever make. Here at Countryside Lending we understand every person’s needs are different. Because every situation is unique, we offer dozens of lending options. With Countryside Lending you can be certain that we will find the right loan to accommodate your needs.
Loan Programs |
Advantages |
Disadvantages |
Fixed Rate Mortgages
30 year
15 year |
- 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 do not drop if interest rates improve
|
Adjustable Rate Mortgages
|
- 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
|
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.
|
No point, No fee Programs |
- No closing costs
- Less money required to close
|
- Higher rates
- Higher payments
|
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
|
