Fixed-rate mortgage (for 1st mortgage only)
Monthly principal and interest payments do not change over the term of the loan, which means your mortgage expenses are easily anticipated. If you believe interest rates are going to increase, this may be the best option for you.

Adjustable Rate Mortgage (ARM)
The interest rate on this loan will be fixed for a stated period of time and will then become adjustable for the remainder of the loan. For example, a 5-year fixed (30-year) loan would have a fixed interest rate for the first five years and then convert to an adjustable rate for the remaining 25 years.

This adjustment is based on changes in a pre-selected index, and will take place according to a pre-defined schedule (generally every six months or every year). Your interest rate and monthly payment will fluctuate based on changes in your index. The most common indices are the Treasury Bill, Certificate of Deposit (CD), LIBOR and COFI.

Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming additional risk the lender will generally reward you with a lower interest rate and monthly payment during the initial fixed interest period. These loans are of particular benefit to borrowers that plan to either sell the property or refinance before reaching the adjustable period.

Stated income mortgage
In qualifying for these products, the lender will not require you to provide standard explanations of your income, such as tax returns. This means that there is no verification of your income, but you must state the source of your income. Individuals likely to be interested in a stated income loan are typically self-employed or individuals who write-off a large portion of their income such as contractors, waiters & waitresses.

Loan Types
Fixed rate loans are the classic, and still dominant, mortgage product. With a fixed rate loan, your interest rate and payment remain unchanged for the life of their loan, no matter what happens in the economy. That's why fixed rate programs remain the most popular.

This stability does come at a price. Rates are typically higher on fixed rate loans than on other loan types, and to take advantage of future declines in interest rates, you will have to incur the cost and hassle of obtaining a new loan, including re-qualifying.

In addition to the popular 30 year loan, fixed rate loans are also available for shorter terms, offering the opportunity for substantial interest savings.

30 Year Fixed Rate The interest rate is fixed for 30 years and the loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed. A 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

20 Year Fixed Rate The interest rate is fixed for 20 years and the loan is fully amortized (or paid off) in 20 years if the normal payment schedule is followed. A 20 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 240 equal monthly payments over a period of 20 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 20 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

15 Year Fixed Rate The interest rate is fixed for 15 years and the loan is fully amortized (or paid off) in 15 years if the normal payment schedule is followed. A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

Fixed Rate Balloon Loan Products
Balloon loans are a special category of fixed rate loans which offer lower interest rates in exchange for shorter term financing, usually five or seven years. At the end of this term, they require repayment of the outstanding balance with a lump-sum payment, which typically necessitates a refinance.

If the you know you will be selling or refinancing their home in just a few years, a balloon loan may be just the loan for them. The interest rate on these loans is lower than the rate on a conventional 30 year fixed rate mortgage, though it is still fixed (as are the payments) for the balloon term.

You may have the option of extending their loan at then-current interest rates at the end of the balloon period, providing that certain conditions are met. If you don't feel you will be able to meet all the refinance conditions or think the balloon term may be up before you are ready to move, this type of loan may not be appropriate for you.

7 Year Balloon The rate is fixed for a period of 7 years and then converts to a new fixed rate for the remaining 23 years. The new rate is typically based on the Fannie Mae net yield index and is added to a pre-determined margin. Note that converting to this new rate is permitted only if the prescribed conditions are met and if not, then the loan is due and payable to the lender as a balloon loan (review your loan documents carefully). The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.

5 Year Balloon The rate is fixed for a period of 5 years and then converts to a new fixed rate for the remaining 25 years. The new rate is typically based on the Fannie Mae net yield index and is added to a pre-determined margin. Note that converting to this new rate is permitted only if the prescribed conditions are met and if not, then the loan is due and payable to the lender as a balloon loan (review your loan documents carefully). The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
Adjustable Rate Mortgages (ARMs) Loan Programs The interest rate on an adjustable rate loan is adjusted from time to time to keep it in line with changing market rates. If market interest rates go up or down, the borrowers' rate is adjusted accordingly to reflect changes in the economy. Adjustable rate loans can make good sense for many borrowers. By sharing the risk of interest rate fluctuations, lenders can generally make these loans at rates that are lower than those available for fixed rate loans. With a lower initial rate, your customers may be able to qualify for a larger loan and a bigger house. To provide protection against rapidly rising rates, all of our adjustable loan programs incorporate a maximum rate, or lifetime cap. Your rate will never exceed the lifetime cap, no matter how high the index goes. Many of our adjustable loan programs have an additional limit on the amount the clients' rate can increase or decrease at each adjustment, known as a periodic rate cap. Still other programs limit the amount your customers' payment can increase at each adjustment, known as a periodic payment cap. All of the caps are designed to limit your customers' risk.

Benefits of Adjustable Rate Loans

a.. Lower initial interest rate - often 2-3% lower than a fixed rate loan.
b.. Easier qualifying - your customers can generally qualify for a larger loan than with a fixed rate program.
c.. Short time horizon - if your customers plan to stay in their home only a short time, the interest rate and payment on an adjustable may be lower than a fixed rate loan.
d.. Increasing Income - if your customers' income is likely to increase over the next few years, or if your customers expect rates to fall, an ARM loan may be their best choice.

10/1 ARM The rate is fixed for a period of 10 years after which in the 11th year the loan becomes an adjustable rate. The adjustable is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. Ask what the margin, life cap and periodic caps of your ARM will be in the 11th year. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed. 7/1 ARM: The rate is fixed for a period of 7 years after which in the 8th year the loan becomes an adjustable rate. The adjustable is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. Ask what the margin, life cap and periodic caps of your ARM will be in the 8th year. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
5/1 ARM The rate is fixed for a period of 5 years after which in the 6th year the loan becomes an adjustable rate. The adjustable is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. Ask what the margin, life cap and periodic caps of your ARM will be in the 6th year. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
3/1 ARM The rate is fixed for a period of 3 years after which in the 4th year the loan becomes an adjustable rate. The adjustable is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. Ask what the margin, life cap and periodic caps of your ARM will be in the 4h year. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
1 Year ARM The rate is fixed for 1 year (this initial rate is sometimes referred to as the teaser or start rate) after which in the 2nd year the rate will adjust based on the 1-year treasury index which is added to a pre-determined margin (typically ranging from 2.25-3.00%) to arrive at the new annual rate. Ask what the margin, life cap and periodic payment caps of your ARM will be. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed. The rate is fixed for 1 year (this initial rate is sometimes referred to as the teaser or start rate) after which in the 2nd year the rate will adjust based on the 1-year treasury index which is added to a pre-determined margin (typically ranging from 2.25-3.00%) to arrive at the new annual rate. Ask what the margin, life cap and periodic payment caps of your ARM will be. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed. Home Equity Loans*

While a 20% down payment on a new home purchase may be considered "standard" in the industry, sometimes you may want the flexibility of making a smaller down payment.

80-10-10*
First mortgage loans with a Loan-to-Value greater than 80% of the purchase price require mortgage insurance. Your qualified customers who prefer a less-than 20% down payment can avoid the mortgage insurance requirement by taking advantage of our 80-10-10* program. With a 10% down payment combined with a 10% Home Equity Loan* the additional expense of mortgage insurance will not be required.

*Not available in all states.

Home Equity Line of Credit* (HELOC)
Sometimes a new home purchase creates an additional financial need: landscaping; new furnishings; build a patio, pool, or spa. You may want the flexibility of our Home Equity Line Of Credit program. A HELOC works like a credit card-your customers can use it anytime they want, repay it, and use it again. But, unlike a credit card, the interest on a HELOC usually is tax-deductible.

We offer Home Equity Lines of Credit secured by your customers' primary residence, their second home, and even by investment properties. Your interest rate is determined by adding a margin to the Prime Rate. The margin will be determined at loan origination based on their credit history, the size of line they request, and other factors.

*Not available in all states.

Cash Out Loans
Our debt consolidation loan program consolidates revolving charge accounts into one monthly payment. Interest rates may be substantially reduced. Our program may stop late or over limit fees. Past due accounts may be re-aged on credit report. Get your credit score up in a few days. Stop annoying phone calls. Need money to finance college or make home improvements? Home equity loans do not have to put your home at risk and they can offer significantly better interest rates than other forms of loans. Some home equity loans even have tax deductible interest payments... Debt Consolidation loans have been a means by which hundreds of thousands of homeowners have been able to use their home values to save money. By taking out a debt consolidation loan (2nd mortgage) a borrower is able to combine the balances of current bills and debts into one loan... and one payment. Lenders may offer borrowers with good to excellent credit the ability to borrow up to 125% of the value of their current property. Consolidate today.

Home Refinance Loan
A home refinance loan now may assist homeowners in lowering their current rate (and payments) as well as getting the cash out they need for debt consolidation, home improvements, or any other purpose. At winonloans.com we are able to assist homeowners with several types of credit needs including excellent credit, slow payment histories, bankruptcies, no income verification, and more. Mortgage refinancing is simply the process of replacing your current loan with a new loan at a lower interest rate. Refinancing has been all the craze in the past five years. But even those who refinanced as a short as three years ago are finding they can save more by refinancing yet again...

Jumbo Programs
A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($240,000 as of 1/1/99). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors).

Flex Program
The 1.00% option arm stabilizes your interest only payments, creating a much lower interest immediately, while providing you with a minimum payment, which increases by only 7.5% per year.

This program gives you 4 options of payment every month.

Minimum payment: The difference from the minimum payment and the interest only payment gets differed from the increasing in your property equity your daily cash –flow.

Interest Only Payment:Covers your fully indexed interest rate payment.

30 year amortization payment: Pays for your principal and interest at a low rate calculated by a 30 year amortization period.

15 year amortization payment: Pay for your property faster! Pays for principal and interest at a low rate calculated at a 15 year amortization period.

You also have the option of paying any amount above the interest only payment, which can finalize your mortgage in a shorter period of time.