Loan Programs

There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs

Loan Programs	Characteristics
15- and 30-Year Fixed-Rate Mortgages	Interest rate does not change. Principal and interest (P & I) does not change. Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term. Different loan terms are available (15- and 30-year terms are most popular). The shorter the term, the faster equity is built and the loan is paid off.
Fixed-Rate Balloons	P & I payment and interest rate do not change. Regular monthly P & I payments are based on 30-year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years. Interest rate is typically less than fixed-rate loans. Most borrowers anticipate refinancing or selling prior to the end of the balloon term.
Fixed-Rate with Temporary Buydown	Borrowers or the seller may pay to temporarily "buy down," or lower, the interest rate. Decreased interest rate reduces the monthly payment. Lower interest rate may help borrowers qualify more easily; qualifying factors may vary. Interest rate/payment is typically reduced for 1, 2 or 3 years
Interest-Only Mortgages	There are no reductions to the principal amount. There is no provision for negative amortization. Payments may increase up to an amortized amount, but the loan balance itself does not increase. Generally, interest-only payments are limited to the first 5, 10 or 15 years of the loan. After that, the loan is amortized for the remainder of its term
Adjustable-Rate Mortgages (ARMs)	There is potential for the interest rate/ payment to fluctuate. ARMs transfer to borrowers a portion of the risk associated with a changing economy. In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages. The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.

1st Metropolitan Mortgage - 4720 Piedmont Row Drive Ste 200 - Charlotte, NC 28210
Office Phone: (704) 490-4733 Fax: 866-332-9433 Cell Phone: 704-796-5440
Toll Free Phone: 1-888-327-8657

We are Licensed in the following states: NC and VA

We can also write FHA, VA and Reverse Mortgage Loans in SC

Click here for Licensing information

PPCBay Web Directory Network

Chapel Hill, NC 27514 Orange Chapel Hill, NC 27515 Orange Chapel Hill, NC 27516 Orange Chapel Hill, NC 27517 Orange Chapel Hill, NC 27599 Orange Charlotte, NC 28200 mecklenburg Charlotte, NC 28201 Mecklenburg Charlotte, NC 28202 Mecklenburg Charlotte, NC 28203 Mecklenburg Charlotte, NC 28204 Mecklenburg Charlotte, NC 28205 Mecklenburg Charlotte, NC 28206 Mecklenburg Charlotte, NC 28207 Mecklenburg Charlotte, NC 28208 Mecklenburg Charlotte, NC 28209 Mecklenburg Charlotte, NC 28210 Mecklenburg Charlotte, NC 28211 Mecklenburg Charlotte, NC 28212 Mecklenburg Charlotte, NC 28213 Mecklenburg Charlotte, NC 28214 Mecklenburg Charlotte, NC 28215 Mecklenburg Charlotte, NC 28216 Mecklenburg Charlotte, NC 28217 Mecklenburg Charlotte, NC 28218 Mecklenburg Charlotte, NC 28219 Mecklenburg Charlotte, NC 28220 Mecklenburg Charlotte, NC 28221 Mecklenburg Charlotte, NC 28222 Mecklenburg Charlotte, NC 28223 Mecklenburg Charlotte, NC 28224 Mecklenburg Charlotte, NC 28225 Mecklenburg Charlotte, NC 28226 Mecklenburg Charlotte, NC 28227 Mecklenburg Charlotte, NC 28228 Mecklenburg Charlotte, NC 28229 Mecklenburg Charlotte, NC 28230 Mecklenburg Charlotte, NC 28230 mecklenburg Charlotte, NC 28231 Mecklenburg Charlotte, NC 28232 Mecklenburg Charlotte, NC 28233 Mecklenburg Charlotte, NC 28234 Mecklenburg Charlotte, NC 28235 Mecklenburg Charlotte, NC 28236 Mecklenburg Charlotte, NC 28237 Mecklenburg Charlotte, NC 28240 Mecklenburg Charlotte, NC 28241 Mecklenburg Charlotte, NC 28242 Mecklenburg Charlotte, NC 28243 Mecklenburg Charlotte, NC 28244 Mecklenburg Charlotte, NC 28245 mecklenburg Charlotte, NC 28246 Mecklenburg Charlotte, NC 28247 Mecklenburg Charlotte, NC 28250 Mecklenburg Charlotte, NC 28253 Mecklenburg Charlotte, NC 28254 Mecklenburg Charlotte, NC 28255 Mecklenburg Charlotte, NC 28256 Mecklenburg Charlotte, NC 28257 mechlenburg Charlotte, NC 28258 Mecklenburg Charlotte, NC 28259 mechlenburg Charlotte, NC 28260 Mecklenburg Charlotte, NC 28261 Mecklenburg Charlotte, NC 28262 Mecklenburg Charlotte, NC 28264 mecklenburg Charlotte, NC 28265 Mecklenburg Charlotte, NC 28266 Mecklenburg Charlotte, NC 28267 mechlenburg Charlotte, NC 28269 Mecklenburg Charlotte, NC 28270 Mecklenburg Charlotte, NC 28271 Mecklenburg Charlotte, NC 28272 Mecklenburg Charlotte, NC 28273 Mecklenburg Charlotte, NC 28274 Mecklenburg Charlotte, NC 28275 Mecklenburg Charlotte, NC 28276 mechlenburg Charlotte, NC 28277 Mecklenburg Charlotte, NC 28278 Mecklenburg Charlotte, NC 28279 mechlenburg Charlotte, NC 28280 Mecklenburg Charlotte, NC 28281 Mecklenburg Charlotte, NC 28282 Mecklenburg Charlotte, NC 28283 Mecklenburg Charlotte, NC 28284 Mecklenburg Charlotte, NC 28285 Mecklenburg Charlotte, NC 28286 Mecklenburg Charlotte, NC 28287 Mecklenburg Charlotte, NC 28288 Mecklenburg Charlotte, NC 28289 Mecklenburg Charlotte, NC 28290 Mecklenburg Charlo

Equal Housing Opportunity