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.

1 Year Adjustable Mortgage

30 year amortization
Rate adjusts every year based on 1 year treasury +( 2.75% or 3.25%). Caps are 2% per year and 6% for the term of the loan.

 

Loan Range: $100,000 to $417,000
Maximum LTV: Purchase: 95% Refinance: 95% Cash-Out: 80%
Program Strengths: Lowest rate for first year out of available programs.
Program Drawbacks: Risky for long term considering rate can increase as much as 6%.
Recommendations: Great program for those who are going to be in a home for three years or less, those who plan on making more money over the next few years and those looking to refinance within the next three years. Not a good program if you think rates are going to increase over the next few years.