Columbia Funding Mortgage Company| PO Box 1870 Issaquah, WA 98027 RichardH_columbiafundinginc.com
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Fixed Rate Loan
A loan where the interest rate and monthly payment will remain "fixed" or constant throughout the term of the loan.
Adjustable Rate Mortgage "ARM"
An "ARM" allows a borrower to start with a lower interest rate and lower payment for a set period of time. After the initial period, the interest rate and payment can adjust on a monthly, semi-annual or annual basis depending on the program. Every "ARM" program has a specific index it follows, a fixed margin and periodic and lifetime caps. The periodic caps set the limit on how much the "ARM" can increase or decrease at its periodic adjustments, while the lifetime cap refers to the maximum increase over the term of the loan.
Hybrid ARMS
Hybrid ARMS are a combination of a fixed rate loan and an adjustable rate loan. After an initial period with a fixed interest rate, these loans become adjustable. Loans are typically fixed for a period of 2, 3, 5, 7 or 10 years. After the initial fixed period, they become ARMs and follow ARM guidelines.
Interest-only Loans
Interest-only loans can be either fixed rate or adjustable rate mortgages. As stated in the name, the monthly payment is based on interest only. No principal payment is required. The primary benefit of an interest-only loan is a monthly payment that is lower than a standard principal-and-interest payment. Interest-only loans are used when borrowers want to reduce their monthly payment to qualify for more home, plan to use the monthly savings to pay off other high-interest debt, or to invest in other opportunities yielding a higher rate of return.
Reduced Documentation Programs
Reduced documentation programs are typically for borrowers with good credit scores who wish to minimize the amount of paper documentation for income and assets needed for loan approval. These low- or no- documentation loans are usually available in both fixed and adjustable rate programs. Loan programs include "Stated Income, No Ratio, and No Doc Loans".
FHA & VA
FHA & VA are government insured loans. FHA offers a 3% down payment option while VA requires 0% down. They feature flexible lending guidelines, making it easier for buyer to qualify for a home loan. For additional info, go to:
