What kind of loan program is best for you? There are numerous types of loans available to home buyers today. Getting the best loan takes careful consideration and is best determined after you consult with LendingLadies.com. The loans listed below are just a few of the more common types of loans offered in the mortgage marketplace.

Fixed Rate Mortgages
The traditional fixed rate mortgage is offered in terms of 10 years to 50 years.

Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.

Interest Only Mortgage
A mortgage is called “interest only” when its monthly payment does not include the repayment of principal for a certain period of time.

Balloon Mortgage
Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.

Stated Income
There are loan programs available that do not require proof of income. At LendingLadies.com, we only want to work with people who will honestly state what their income is when we use a stated income loan. This is available, but the interest rate will be higher.

No Income
A no income loan is where your income is not put down. This is available, but the interest rate will be higher verses a full income loan.

No Ratio
This loan does not look at your income and debt to see if you can afford the home. This is available, but the interest rate will be higher verses a full income loan.

No Asset or Stated Asset
There are some loan options that do not look at your assets or verify your assets. This is available, but the interest rate will be higher verses a full verification of assets loan.

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