There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

• How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
• How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
• Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
• Other factors to consider include:
  • ability to qualify at market rates for loan amount selected
  • anticipated term of occupancy
  • possibility of significant rate changes
  • existence of up-front costs