Not sure which loan is right for you?

Fixed Rate

A fixed rate loan offers an interest rate and payment that remain the same for the entire term of the loan.

* Typical terms: 15 or 30 years
* Benefits: Predictability and security of a fixed payment for the life of the loan

Balloon

A balloon loan offers a lower fixed-rate for a set period of time, generally 5, 7, or 15 years, after which the balance of the loan becomes due. You must then payoff the loan or refinance the remaining balance.

Typical terms: Amortization based on a 30-year term
Benefits: The lower interest rate makes qualifying easier and allows a lower monthly payment

Adjustable Rate Mortgage (ARM)

With adjustable rate mortgages, the interest rate, and therefore the monthly payment, changes periodically over the life of the loan.

* Typical terms: ARMs are usually fixed for 2 or 3 years, the adjust according the terms originally set.
* Benefits: The lower initial interest rate allows a lower initial monthly payment

Government (FHA and VA)

Government FHA and VA fixed rate or adjustable rate loans have different underwriting guidelines than conventional loans.

* Benefits: Government loans may offer lower down payment options, which can result in more home buying power. A VA purchase is 100% financing with '0' down payment. FHA requires a 3% down payment, however, there are down payment assistance programs and the 3% may also be a gift.

Lighthouse Mortgage, Inc.
5525 N. Union Blvd., Suite 203
Colorado Springs, CO 80918

Phone: (719) 599-4150
Toll Free (877) 599-4150
Fax: (719) 599-4151

info@lighthousemortgages.com