We have listed below a very general overview of three common mortgage types, full clarification all of the terms and conditions should be reviewed directly with our finance affiliate partners who are all licensed service providers to assess your current and predicted financial situation. This process will enable them to offer you mortgage packages to best suit your requirements together with your ability to pay. Mortgage packages vary from state to state and also upon your own financial & credit status. If you are a non resident there are foreign national mortgages available with certain lenders.

Fixed Rate Mortgage


A fixed rate mortgage, like the name implies, maintains the same interest rate throughout the entire life of the loan. You can get this fixed rate mortgage usually in 10, 15, or 30 year terms. The time can be negotiable with your specific lender to fit your needs. This type of mortgage is good for the home buyer who wishes to know how much the house payment will be every month because it is fixed and if the home buyer is planning on living in the home for 10 years or more.


Adjustable Rate Mortgage (ARM)


Adjustable Rate Mortgage or ARMS, have interest rates that change according to financial indexes often dictated by the current market. This means that your payment can increase or decrease according to the change in the index. This can sometimes offer instable payments so the home owner must be prepared for changes of either an increase or decrease in amount. The rates are usually offered on the lower end due to the risk that the buyer is carrying. If you enter into this type of fluctuating loan due to financial status, you can always re-negotiate terms or refinance later and get a better deal and more stable loan.


Balloon Mortgage

Balloon mortgages are considered a little higher risk because at the end of the life of the loan, there can be a large payment as the loan is due in full. The life of the loan is negotiable; however 3, 5, and 7 year balloons are common. The home owner will pay at a stable interest rate for the life of the loan, then at the end of the term, all the remainder of the loan must be paid in full. The home owner must be prepared for this final, possibly very large payment.

FICO scores range from approximately 350 to 875 points. The higher the number, the lower the risk of default. A high credit score may often mean a speedy and competitively priced mortgage loan. On the contrary, a low score could mean higher interest rates, and more documentation. Many lenders do not make loans to consumers with scores under 620.

How to raise your credit score

This will take some time but in many cases it can be done.

It may take some time, but it can be done.

- Be sure to make all your existing credit payments on time
- Close the credit accounts that you’re not using. (Too much credit will affect your score)
- Keep the balances on revolving accounts at about one-third of the high credit limit
- If you are applying for a mortgage within 30 days do not pay off any judgments’, liens, etc
- Do not consolidate and pay off bills. Doing so could actually lower your score
- Keep inquiries to a minimum. Don’t let anyone access your credit report unless they have good reason to. (Inquires made by the person listed on the credit report does not affect credit scores)


Check your credit report to see what is being reported to your credit file. You may contact the 3 credit bureaus directly and request a copy of your report. If there is information in your credit file that is incorrect, re-contact the 3 credit bureaus, and dispute the inaccuracies. Information must be presented to all three bureaus to ensure it will be corrected properly. Your score cannot be changed by any other source than the 3 bureaus. Here are their phone numbers.

Equifax             (800) 685-1111
Experian           (888) 397-3742
Trans Union      (800) 888-4213