Licensed Mortgage Banker in PA and NJ

What's The Right Loan For Me?

Not too many years ago, you couldn't even ask this question. All loans were fixed rate, and carried a fixed monthly payment that lasted for a certain number of years. Today you have a wide range of loans to choose from. Federated Lending Corporation (FLC) has one of the most extensive product lines in the industry.

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15 Year Fixed Mortgage

 

Loan Range:	$100,000 to $417,000
Maximum LTV:	Purchase: 95%	Refinance: 95%	Cash-Out: 80%
Program Strengths:	Rate security for 15 years. Rates often .625% better than the 30 year. More of your payment goes to principal and less to interest. Build equity at twice the pace of a 30 year loan without making double the payment.
Program Drawbacks:	Borrower will qualify for smaller loan amount than for 30 year amortized programs.
Recommendations:	If building equity is your goal and you would rather save money on interest than buy a more expensive home, the 15 year is the program for you.