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Types of Loans

Fixed Rate Mortgages

The traditional 30 year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for ten years or longer. If you plan to move within ten years, then adjustable-rate loans might be a better option.  When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

10, 15, 20 or 25-Year Fixed Rate Mortgages

This loan is fully amortized over a 10,15, 20 or 25-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate. The disadvantage is that, with a shorter term loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan a shorter period of time. This approach is often safer than committing to a higher monthly payment.

Adjustable Rate Mortgages ARMS (5/1 ARM, 7/1 ARM, 10/1 ARM)

These increasingly popular loans can offer the best of both worlds: lower initial interest rates  and a fixed payment for a initial period of time. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

HomeReady

Fannie Mae's conventional option for borrowers looking to purchase with a low down payment, or refinance with limited equity.  Purchases up to 97% LTV including First Time Home Buyers. 

 Home Possible and Home Possible Advantage

Freddie Mac's alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.  No income limits for Underserved Areas and no reserve requirements for 1-Unit properties.

Conventional 1% Down Payment

Thirty year fixed rate mortgage offering 1% down with a 2% lender gift, available with no monthly Mortgage Insurance.

Flex Term

Customize your loan without resetting the mortgage clock!  Flex Term provides borrowers with flexible options to select their amortization term.  Terms available from 8-30 years on all conventional loan products.

Home Equity Lines Of Credit

 

Freedom Bank
99 West Essex Street, 2nd Floor, Maywood, NJ  07607
Office:  (201) 599-3000 Ext. 1145
jkrantz@freedombanknj.com
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