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RESIDENTIAL LOANS
Fixed rates
The monthly mortgage payment remains the same over the term of the loan. Options for 10 year interest-only payments are available. Fixed rate loans are available with or without prepayment penalty.
Intermediate ARMs
Ideal when you want the stability of a fixed rate initially, and you don't plan to hold the loan for an extended period of time. Loan rates can be based on the Treasury or LIBOR index, with or without prepayment penalty.
ARMs
ARMs adjust once a month or once a year. They are available with or without prepayment penalty and with or without minimum (negatively amortizing) payments.
Home Equity
Also known as a 2nd mortgage. Adjustable rates work like a credit card secured by your home. Money can be borrowed and repaid with interest-only minimum payments. After a predetermined period the loan is fully amortized. Most of these loans are based on the Prime Rate, plus or minus a margin.
Fixed rates do not have the “borrow and repay” option and require fully amortized payments. Generally used for a purchase or when the existing 1st mortgage has a short time left or a low rate.
Residential Mortgages including Refinance Home Loans
Woodward O'Connor Mortgage Associates
4980 Capitola Road, Capitola CA 95010
Ph. 831-479-3303
Fx. 831-479-3307
www.woodwardoconnor.com
loans@woodwardoconnor.com
©2006 Woodward O'Connor Mortgage Associates.
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