2nd Homes
Up to 90% Loan-To-Value

Refinance Now $ave Thousands!

30 Year Fixed
The most common loan, the 30 year Fixed is ideal if you plan on keeping the loan for 10 or more years. The interest rate and payment stay the same for the life of the loan dn it self-amortizes to a zero balance at the end of its term.

15 Year Fixed Rate
This loan has the same terms as the 30 year Fixed, but the loan pays-off in 15 years. Payment is higher but the interest rate is lower (generally 3/8 to 5/8 of a percent lower). The 15 year Fixed is a popular loan for refinancing.

7/23 Balloon
This 30 year loan allows for a generally lower initial interest rate and payment for the first seven years. At the end of this period you have three options: 1. Recalculate and fix the interest rate and payment for the remaining 23 years. The new rate will be approximately 3/8-3/4 percent higher than current market rates. 2. Refinance the loan using another loan program. 3. Pay the balance of the loan. This loan may be a good choice if you know you will be keeping the loan for only 4-7 years.

5/25 Balloon
Same as 7/23, only the initial period is 5 years and the remaining is 25.

1 Year Arm
The most popular of the Adjustable Rate Mortgage. Every 12 months the interest rate and payment is calculated and fixed. This change happens for the entire life of the loan, typically 20 years. There are protections "Caps" that keep the interest rate change between 1-2% every year and 5-6% of the initial rate over the life of the loan. Rates for an ARM are typically 1.5-3% lower than a standard 30 year fixed rate. These loans are a good deal for people who need the loan for a short period of time.

3/1 ARM
A 30 year loan with a fixed rate interest rate and payment for the first 3 years. Then, every 12 months the interest rate and payment is changed for the ramainder of the loan. 3/1 ARMs typically offer rates of 3/8-5/8% lower than the 30 year fixed loans. The 3/1 ARM is a good choice for those that need a loan for 2-5 years.

5/1 ARM
This loan offers the same term as 3/1 ARM, only the "fixed" periond is 5 years. The 5/1 ARM typically offers initial rates 1/4-3/8% lower than a 30 year fixed loan.

7/1 ARM
This loan offers the same terms as 3/1 and 5/1 ARM only the "fixed" period is 7 years. The 7/1 ARM typically offer initial rates only slightly lower than a 30 year fixed loan. The 7/1 ARM is a good choice for those that need a loan for 5-7 years.

10/1 ARM
This loan offers the same terms as 3/1, 5/1 and 7/1 ARM only the "fixed" period is 10 years. The 10/1 ARM might be a good choice for those that need a loan for 8-10 years. Refinance with Cash Out

Consolidation Loans

2nd Homes
Up to 90% Loan-to-Value

Many other great programs!
(Including programs for moblie homes, modular homes, condos, duplex, investment properties...)
(stated income, slow credit, low down payment, no assets)
Call 850-653-2523 for more details
Or E-Mail us at joan@apalachicolamortgage.com