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.

7/23 Balloon Mortgage

30 Year Amortization
Rate is fixed for seven years then adjusts one time based on the 60 day FNMA bond rate plus .625%.

 

Loan Range: $100,000 to $417,000
Minimum LTV: Purchase: 90% Refinance: 90% Cash-Out: Varies
Program Strengths: Fixed rate security for seven years is usually more than most borrowers need, at a rate better than the 30 year fixed.
Program Drawbacks: The adjustment after the seventh year usually yields a high rate.
Recommendations: A good mix of security and low rate for those planning on being in a loan for seven years or less.