Search for Properties | Featured Listings | Buying | Selling | Area Info | Contact

 Quick Links

HOME PAGE
HOMES FOR SALE
FEATURED LISTINGS
COMMUNITIES
LIST WITH US
MEET THE TEAM
NEW LISTING ALERT
15 SECOND APPRAISAL
SCHOOL INFORMATION
HOME BUYING
SELLING A HOME
FREE REPORTS
FORMS
HOME FINANCE
FINANCING TERMS
TOOLS
TODAY'S RATES
TESTIMONIALS
LOCAL NEWS
MOVIE TIMES

 Communities

ALL COMMUNITIES
BLUE RIDGE
BLAIRSVILLE
CHERRY LOG
TURTLETOWN
ELLIJAY
JASPER
MORGANTON
COPPERHILL
HIAWASSEE
MURPHY
TALKING ROCK
MINERAL BLUFF
DUCKTOWN
HAYESVILLE
YOUNG HARRIS
DIAL
HOME SEARCH
NEW HOMES
FEATURED LISTINGS
OPEN HOUSES
NEW LISTING ALERT
THE BUYING PROCESS
HOME LOAN PROCESS
FINANCE CENTER
FIRST TIME HOME BUYING
HOW TO HIRE AN AGENT
HOW TO HIRE AN INSPECTOR
INSPECTION CHECKLIST
NEGOTIATING AS A BUYER
TAX BENEFITS HOME BUYING
BUY AS AN INVESTOR
BUYERS RESOURCE CENTER
DOWN PAYMENT ASSISTANCE
BUYING RETIREMENT HOME
BUYING FIXER UPPER
2ND HOME BUYER
BUILD OWN HOME
TYPICAL FAMILY BUYER
SINGLE BUYER
VACATION HOME BUYER
HOME MOLD INSPECTION
REMODELING
HOME INSURANCE
WHY USE US
WHY LIST WITH US
WHAT IS MY HOME WORTH?
WHAT WILL MY HOME SELL FOR?
WHICH AGENT IS BEST
SELLING YOURSELF
SETTING THE PRICE
HOME STAGING
SELLING PROCESS
NEGOTIATING AS A SELLER
TAX IMPLICATIONS
1031 TAX EXCHANGE
SELLERS RESOURCE CENTER
SELLER ASSISTED BUYING
HOME LOAN CENTER
LOAN PROCESS
TYPES OF LOANS
TYPES OF LENDERS
0 DOWN
VA VET LOANS
FHA HUD
COP NEXT DOOR
NURSE-DOCTOR HOME LOANS
TEACHER HOME LOANS
MILITARY HOME LOANS
SINGLE PARENTS
STATE SPONSORED
GIFTING PROGRAM
POOR CREDIT
RAISE CREDIT SCORE
ESCROW
CREATIVE FINANCING
   BLUE RIDGE real estate   

BLUE RIDGE Real Estate - Loan Programs

Which loan is right for me?
BLUE RIDGE Real Estate - Loan Programs

Years you plan to stay in the house Recommended program
1-3 3/1 ARM, 1 year ARM or 6 month ARM
3-5 5/1 ARM
5-7 7/1 ARM
7-10 10/1 ARM, 30 year fixed or 15 year fixed
10+ 30 year fixedor 15 year fixed
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
5/1 Arm
3/1 ARM
1 year ARM
6 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!


   
 
 

equal housing opportunityEqual Housing Opportunity - comehometoblueridge.com Real Estate Web Site Design ©2006 All Rights Reserved - Privacy Statement

Damascus Real Estate

Links | Sitemap | Login


BLUE RIDGE | CHERRY LOG | TURTLETOWN | ELLIJAY | JASPER | MORGANTON | COPPERHILL | HIAWASSEE
MURPHY | TALKING ROCK | MINERAL BLUFF | DUCKTOWN | HAYESVILLE | YOUNG HARRIS | DIAL


Top BLUE RIDGE Real Estate Selling Agent or Broker in the Blue Ridge, Ellijay, Blairsville, Hiawassee and Cherry Log and surrounding areas!

BLUE RIDGE Real Estate