Getting a home loan from DirectLoanSource.com saves you time and money because DirectLoanSource.com offers you more lenders, lower rates and better service that a typical mortgage company, and reduced or cut many of the usual fees to deliver savings of up to $1,500 per loan. The online application and our loan tracking system lets you apply for your loan anytime, and keep up to date on your loan’s status whenever it’s convenient for you. Our vision is to combine the Internet’s high-tech approach with the “high-touch” benefits of personal service.

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 Year Fixed, or 15 Year fixed
10+   30 Year Fixed, or 15 Year fixed
Loan Programs
Advantages
Disadvantages
Fixed Rate Mortgages    
30 year fixed Monthly payments are fixed over the life of the loan Higher interest rates
15 year fixed Interest rate does not change Higher mortgage payments
  Protected of rates go up Rates does not drop if interest rates improve
  Can refinance if rates go down  
Adjustable Rate Mortgage    
10/1/ARM Low initial monthly payment More risk
7/1/ARM Lower payment over a shorter period of time Payments may change over time
3/1/ARM Rates and payments may go down if rates improve Potential for high payments if rates go up
1 year ARM May qualify for higher loan amounts  
6 month ARM    
1 month ARM    
Balloon Mortgages    
7 year Lower initial monthly payment Risk of rates being higher at the end of the initial fixed period
5 year Lower payment over a shorter period of time Risk of foreclosure if you cannot make balloon payments or if you cannot exercise the conversion option.
First Time Buyer Programs    
  Lower down payment May be subject to income and Property value limitations
  Easier to qualify Some programs which have government subsidies may have a recapture tax if you sell the house to early.
  Sometimes you may get Lower rates  
Stated Income Programs    
  Don't need to verify income Higher rates
  Faster approval Higher down payment
No Point, No fee Programs    
  No closing costs Higher rates
  Less money required to close Higher payments
Imperfect Credit Programs    
  Potential for reestablishing credit if you pay your mortgage on time. Higher rate terms may not be as favorable
  When used for debt consolidation, you may be able to reduce your monthly debt payment Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit    
  You only borrow what you need Rates can change. The maximum Interest rate is normally high
  Pay interest only on what you borrow Payments can change
  Flexible access to funds Harder to refinance your first Mortgage
  Interest may be tax deductible  
Home Equity Fixed Loan    
  Fixed payments Higher interest rates than on first mortgages
  Interest may be tax deductible Harder to refinance your first Mortgage
 
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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!
 
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