Which loan is right for you? Below is a general "Rule of Thumb" to use when deciding which North Pointe Mortgage loan program is best for you, and a description of common loans available to today's borrowers.
Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 yr fixed or 15 yr fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve
Adjustable Rate Mortgages	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rate	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.
VA Loans 30 Year Fixed 15 Year Fixed 10/1 ARM	Low or no down payment required Reduced Closing Costs No Monthly mortgage insurance premium required	2.15% funding fee added to closing costs
Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment
Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1st mortgages Harder to refinance your first mortgage
Besides our standard loan programs, we also have a large number of unique programs to serve your needs:
Reverse Mortgages Purchase a house with 0 down Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down. Debt consolidation programs Home Improvement loans Qualify even if you may have been turned down before!

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