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Jim Jacobs

Jim & Ruth Jacobs
Quantum One Realty
Palm Beach Gardens, FL 33403

561-799-9937
Contact Us

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Which Loan is Right for You?

Below is a general "Rule of Thumb" to use when deciding which Loanwize.com loan program is best for you, and a description of common loans available to today's borrowers.

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 yr fixed or 15 yr fixed

10+

30 year fixed or 15 year fixed
Loan Programs

Advantages

Disadvantages

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 

Apply now!

Adjustable Rate Mortgages:

  •  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 

Apply now!:

Balloon Mortgages

  •  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 

Apply now!

First Time Buyer Programs:

  •  Lower down payment
  •  Easier to qualify
  •  Sometimes you may get lower rate · 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. 

Apply now!

Stated Income Programs:

  •  Don't need to verify income
  •  Faster approval
  •  Higher rates
  •  Higher down payment 

Apply now!

No point, No fee Programs:

  •  No closing costs
  •  Less money required to close
  •  Higher rates
  •  Higher payments

Apply now!

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

Apply now!

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

Apply now!

Home Equity Fixed Loan:

  •  Fixed payments
  •  Interest may be tax deductible · Higher interest rates than on 1st mortgages
  •  Harder to refinance your first mortgage


Apply now!

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!

Jim & Ruth Jacobs | 561-799-9937 | Contact Us
3307 North Lake Blvd. Suite 103 - Palm Beach Gardens, FL 33403
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