Which mortgage program is right for you?

The following is just a sample of the more common mortgage loans. Contact Joe Stiles at 281-381-1414 to discuss your exact needs and find the perfect mortgage for you.

Note: These mortgage loans are offered only in the state of Texas.

Download this Mortgage information:

30 Year Fixed-Rate Mortgage

Mortgage Description:

• Interest rate and monthly payment (P&I) remain constant for 30 years

Appropriate for Borrowers Who:

• Plan to live in property for 5-10 years
• Prefer payment stability for longer terms

15 Year Fixed-Rate Mortgage

Mortgage Description:

• Interest rate and monthly payment (P&I) remain constant for 15 years

Appropriate for Borrowers Who:

• Have the financial capability to sustain larger P&I payment
• Prefer to pay off a mortgage loan early

80/10/10 or 80/15/5 Mortgage

Mortgage Description:

• Constant P&I
• Avoidance of PMI with 80% first mortgage
• 30 year amortization on first mortgage and 15 year term amortization for second mortgage

Appropriate for Borrowers Who:

• Want to avoid PMI and enjoy smaller payments
• Utilize the income tax deduction of the second mortgage
• Have 10% or 5% down payment capability
• Have bonus income potential to repay second mortgage early

7/1 (ARM) Adjustable Rate Mortgage

Mortgage Description:

• Interest rate and monthly payment (P&I) remain constant for 7 years
• Adjusts annually for the remaining life of the loan

Appropriate for Borrowers Who:

• Prefer initial lower interest rates
• Are able to tolerate annual payment adjustments
• Comfortable with the uncertainty of future interest rates
• Expect to move or sell the property within 7 years

Interest-Only Adjustable Rate Mortgage

Mortgage Description:

• Interest rate fixed for specific term with interest-only payments
• Additional principal payments are typically allowed.
• Negative amortization may occur

Appropriate for Borrowers Who:

• Have short-term loan plans; e.g. able to pay loan off within certain period
• Are comfortable with the uncertainty of future interest rates for a potential refinance at current rates
• Expect to move or sell the property within short period

1 Year (ARM) Adjustable Rate Mortgage

Mortgage Description:

• Interest rate adjusts annually for the life of the loan

Appropriate for Borrowers Who:

• Prefer to take advantage of lowest initial interest rates
• Are comfortable with annual interest rate changes
• Cannot qualify as fixed rate mortgage programs

10/1 (ARM) Adjustable Rate Mortgage

Mortgage Description:

• Interest rate and monthly payment (P&I) remain constant for 10 years
• Adjusts annually for the remainder of the loan

Appropriate for Borrowers Who:

• Prefer initial lower interest rates
• Are comfortable with the uncertainty of future rates and able to tolerate future annual payment adjustments
• Expect to move or sell the property within 10 years

FHA Fixed Rate Mortgage

Mortgage Description:

• Interest rate fixed for the term
• Typical terms are 30 & 15 years

Appropriate for Borrowers Who:

• Desire a lower down payment
• Have little and/or no debts
• Have unstable credit history

VA Fixed Rate Mortgage

Mortgage Description:

• Interest rate fixed for the loan term
• Typical terms are 30 & 15 years

Appropriate for Borrowers Who:

• Available to U. S. military veterans and active duty military personnel
• VA loans have a 100% LTV feature