30 year, 15 year, Etc.
This option gives you the security of knowing exactly how much
your principle and
interest payment will be. The monthly payment remains fixed
for the life of your loan.
This option can offer an initial interest rate that is lower
than that of a fixed rate mortgage. The monthly payments on
a ARM are usually lower for the first year of so of the loan.
This will enable you to qualify for a larger loan amount. The
interest rates on ARM mortgages are tied to a market index.
The rate is usually adjusted annually. However, it can be arranged
to adjust every six months, two years, or three years. There
are usually limits to the amount the rate can increase each
adjustment period and there is usually an upper and lower CAP
on the interest rate.
This option allow a lower fixed rate for either 5, 7, 10, 15
years. Your payment is basted on a thirty-year term. At the
end of the loan term there is a balloon payment for the remaining
principle balance. You have choice at this time to refinance
into a fixed rate mortgage or other type bases on current market
Smart to Pre-Qualify
Paradigm loan officers can easily pre-qualify you for a loan
over the phone or with an office visit. By asking you some general
financial information, They can calculate the maximum loan amount
that you qualify for. Being pre-qualified makes you a cash buyer
and puts you in a stronger position when purchasing real estate.
Paradigm offers both refinancing and consolidation loans, Often
we can put all of your closing costs into your loan. This means
you pay nothing out of pocket. If credit cards are a big part
of your bills, we can show how refinancing them with your home
has the potential to save thousands of dollars in interest.
In most cases, you may deduct the mortgage interest from your
us today for free financial analysis.