THE ONE STOP SHOP

 Phone: 949-583-7300
Fax: 949-583-7350


About Us
Mortgage Loan
Buy/Sell
 Contact Us

Allstar Loans & Realty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loans

 

 

  • Get prequalified for your home purchase
  • 0% down loans
  • Refinance for a better rate
  • Cash out your home's equity
  • 125% seconds
  • Home equity lines of credit
  • Debt consolidation
 
Which loan is right for me?

Whether you are financing your purchase or refinancing your mortgage,
Let us Guide you
 
 
Years you plan to stay in the houseRecommended 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 year fixed or 15 year fixed
10+ 30 year fixed or 15 year fixed
   
Loan Programs Advantages Disadvantages
Fixed Rate Mortgages
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
10/1 ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM



  • 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
7 year
5 year



  • 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 rates
  • 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.



Stated Income Programs
  • Don’t need to verify income
  • Faster approval
  • Higher rates
  • Higher down payment



No point, No fee Programs
  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments



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:

  • 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!

 
 
THE ONE STOP SHOP
 

Phone:

949-583-7300

Fax:

949-583-7350

 

 

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About Us | Mortgage Loan | Buy/Sell | Contact Us
Allstar Loans & Realty | Phone: 949-583-7300   Fax: 949-583-7350