Wedolend.com - MSM Mortgage "your mortgage solution"

Resource 1
Recommended Loan Programs depending on how many years you plan to stay in the house.

Resource 2
The advantages and disadvantages of various Loan Programs.

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 80-20 or 80-10. No Private Mortgage Insurance (PMI) payments even if your loan amount is more than 80% of the value of your home.
Debt consolidation programs
Home Improvement loans
Qualify even if you may have been turned down before!

Loan Program	Advantages	Disadvantages
Fixed Rate Mortgages (top)
40 year fixed 30 year fixed 20 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 (top)
10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM Option 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 (top)
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

Loan Programs Home
Available resources to help you answer this question.