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What loan program is best for your situation?

Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.

Years you plan to stay in the home	Recommended program
1-3 years	3/1 ARM, 1 year ARM or 6 month ARM
3-5 years	5/1 ARM
5-7 years	7/1 ARM
7-10 years	10/1 ARM, 30 year fixed or 15 year fixed
10+ years	30 year fixed or 15 year fixed

Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.

Loan Program	Advantages	Disadvantages
No point, No fee Programs	No out-of-pocket loan costs at closing Closing costs are paid from the lender rebate Less money required to close Refinance without increasing your loan amount	Higher rates Higher payments Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you Some require a prepayment penalty for the first one to five years

Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans.

Loan Program	Advantages	Disadvantages
First Time Buyer Programs	Lower down payment Easier to qualify Lower rates may be available	May be subject to income and property value limitations Some government subsidized programs may generate a recapture tax if you sell the house too soon Education courses may be required to qualify for these loans

Loan Program	Advantages	Disadvantages
Fixed Rate Mortgages 30 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

Loan Program	Advantages	Disadvantages
Adjustable Rate Mortgages (ARM) 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Rates and payments may go down if rates improve May qualify for higher loan amounts 30 year term, no balloon payment	More risk Payments may change over time Potential for higher payments if rates increase

This is just a simple review of some of the major mortgage programs available out there to assist is purchasing or refinancing your home in Southern California's Tri County Los Angeles, San Bernardino, Riverside County's Inland Empire and the surrounding foothill communities of Rancho Cucamonga, Ontario, Pomona, Chino Hills, Upland, Fontana, Rialto, Victorville, Riverside, Corona, Temecula, Moreno Valley and Palm Springs areas.

In order to answer other questions regarding your home finance needs that are not addressed here, we have provided you with this simple form.

Thank you for visiting and filling out the real estate mortgage information request form. Please notes that all inquiries will be responded to in a timely fashion and your information will be kept strictly confidential.

Did you know . . . Lenders frequently promote free appraisals or discounted origination fees. This is great, but BE AWARE that if you are not paying for it one place, you are paying for it somewhere else.

Moreno Valley, Mira Loma, buying, selling,

Victorville, Victoria Gardens, Ontario Mills,

Tri County Residential Group
9431 Haven Ave. 222 • Rancho Cucamonga, CA 91730
Office: (909) 476-9600 • Fax: (909) 922-0200

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