CONVENTIONAL FIXED RATE

ADVANTAGES:

  • Fixed monthly investment
  • Fixed interest rate
  • Fixed rate mortgages are protected against interest and monthly payment increases

 

DISADVANTAGES:

  • Higher interest rate compared to ARM introductory rates
  • Higher rate compared to two and three year, fixed/adjustable rate loans
  • Longer term mortgages should be obtained if you plan not to move or refinance in the foreseeable future

CONVENTIONAL ADJUSTABLE RATE

ADVANTAGES:

  • Lower initial monthly investment
  • May qualify for higher loan amounts
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve

 

DISADVANTAGES:

  • Risk of higher monthly payments if rates go up
  • Payments may change over time

FHA / VA LOANS

ADVANTAGES:

  • Low down payment (no down payment on VA)​
  • Fixed interest rate.
  • Lower credit score requirements​
  • Government insured (VA partially insured)

 

DISADVANTAGES:

  • Higher MI monthly than a conventional loan
  • Strict property guidelines
  • Funding fee to HUD financed, increasing overall loan amount
  • For VA must be in or have been in the military

203K REHAB

ADVANTAGES:

  • Upgrade or Repair an existing home to the way you like it
  • 6 months to complete the rehab
  • Choose your own licensed contractor to complete the project

 

DISADVANTAGES:

  • Owner occupied only
  • More fees than a regular mortgage to inspect and re inspect until the project is complete
  • First $5000.00 of repairs must go to plumbing and electrical on the subject property

HOME EQUITY LINE OF CREDIT

ADVANTAGES:

  • You only borrow what you need access to funds as needed.
  • You pay interest only on what you borrow
  • Interest may be tax deductible

 

DISADVANTAGES:

  • Rates can change
  • The maximum interest rate is normally high
  • Payments can change monthly
  • Harder to refinance your first mortgage

HOME EQUITY FIXED LOAN

ADVANTAGES:

  • Fixed payments
  • Receive one lump sum at closing
  • Interest may be tax deductible

 

DISADVANTAGES:

  • Higher interest rates compared to first mortgages
  • Harder to refinance your first mortgage

     JUMBO LOAN

ADVANTAGES:

  • Higher loan amounts
  • Owner occupied and investment properties
  • Flexible loan terms available, low fees and rates
  • Fast approval

 

DISADVANTAGES:

  • Higher interest rates
  • Higher down payment
  • Higher credit score may be required for some programs

NO POINT, NO FEE PROGRAMS

ADVANTAGES:

  • No closing costs
  • Less money required to close

 

DISADVANTAGES:

  • Higher rates
  • Higher payments

Contact Us today and see why we are one of the most trusted and successful mortgage companies in America.

Mortgage Advantage is committed to maintaining the highest level of customer service in our profession. We are available to you seven days a week and will work tirelessly on your behalf.

 

While many other mortgage lending companies offer a limited amount of loan programs that often times do not suit client’s needs, at Mortgage Advantage Lending, we pride ourselves in offering over eight different programs including refinancing options. We put our clients’ needs before anything else and our outstanding customer service combined with years of industry expertise make us the best choice for your loan application.

CONTACT US

745 Shotgun Road,

Sunrise FL 33326.
info@malhomeloans.com
Florida: 954-900-8966

Connecticut: 860-966-9575