PERL offers countless loan products and programs. To find the program to fit your needs, your PERL loan officer will help you consider a number of factors:
- Estimated length of stay in your new home
- Credit rating
- Current employment and salary
- Down payment
- Investment goals
There are two primary types of mortgages: those with Fixed rates, and those with Adjustable rates. With Fixed Rate Mortgages, the rate always stays the same. With Adjustable Rate Mortgages (ARM’s), the rate adjusts after a specific period of time.
You’ve probably heard of the 30-year fixed mortgage – America’s very first loan program. The 30-year fixed lasts for 30 years, and the rate never changes.
ARM’s adjust after a specific period of time. For example, for a 5/1 ARM, the rate will stay the same for the first 5 years – and will adjust in year 6. When ARM’s adjust, the new rate changes to the sum of two factors: the index and the margin.
Before ARM’s adjust, most clients typically refinance their loans. ARM’s usually offer clients lower initial interest rates, and are ideal for those planning shorter stays in their homes.
Most loans require monthly payments of principle, interest, real estate taxes, and (occasionally) insurance. Interest-only loans only require interest paid each month, allowing clients to keep more cash – and pay down the loan principle when they’re able.
At PERL, we offer all types of loan programs, and we’re constantly expanding our guidelines to accommodate the changing needs of today’s mortgage customer. From first-time homebuyers to experienced investors, we create innovative solutions for our valued clients.
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