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What Loan Program Is Right for Your Borrower?

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Adjustable Rate: An Adjustable Rate Mortgage (ARM) is more flexible than the fixed rate loan because it changes along with changes in interest rates every year. The monthly payments are initially lower and may go down if interest rates improve, however there is more risk involved with ARMs. There are also hybrid options that include an initial period of fixed rate followed by an annually adjusted rate.

First Time Buyer: First time-buyer programs allow for a lower down payment and easier qualification process, and often times have lower rates. However, these types of loans may require education courses and may be subject to income and property value limitations.

For more information, visit www.namb.org.

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