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Loan Product Summary

LOAN PROGRAMS	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
Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.
Stated Income Programs	Don’t need to verify income Faster approval	Higher rates Higher down payment
No Point, No Fee Programs	No closing costs Less money required to close	Higher rates Higher payments
Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

LOAN PROGRAMS

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

Adjustable Rate Mortgages

10/1 ARM

7/1 ARM

3/1 ARM

1 year ARM

6 month ARM

1 month ARM

Lower initial monthly payment

Lower payment over a shorter period of time

Rates and payments may go down if rates improve

May qualify for higher loan amounts

More risk

Payments may change over time

Potential for high payments if rates go up

Balloon Mortgages

7 year

5 year

Lower initial monthly payment

Lower payment over a shorter period of time

Many balloon mortgages offer the option to convert to a new loan after the initial term.

Risk of rates being higher at the end of the initial fixed period

Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs

Lower down payment

Easier to qualify

Sometimes you may get lower rates

May be subject to income and property value limitations

Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs

Don’t need to verify income

Faster approval

Higher rates

Higher down payment

No Point, No Fee Programs

No closing costs

Less money required to close

Higher rates

Higher payments

Imperfect Credit Programs

Potential for reestablishing credit if you pay your mortgage on time.

When used for debt consolidation, you may be able to reduce your monthly debt payment

Higher rates

Terms may not be as favorable

Harder to get long term fixed loans

Loans may have prepayment penalties

Home Equity Line of Credit

You only borrow what you need

Pay interest only on what you borrow

Flexible access to funds

Interest may be tax deductible

Rates can change. The maximum interest rate is normally high.

Payments can change

Harder to refinance your first mortgage

Home Equity Fixed Loan

Fixed payments

Interest may be tax deductible

Higher interest rates than on 1st mortgages

Harder to refinance your first mortgage

Content and License Information

eLink Mortgage LLC d/b/a: eLink Mortgage
NMLS# 385463, WA License# MB-385463
Address: 3207 NE 125th St, Seattle WA 98125
Phone: (206)388-1888, Fax: (206)388-1889
Email: processing@elinkmtg.com

To verify license information for eLink Mortgage LLC or individual loan Officers, please click following link and visit following NMLS consumer access:

AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT:

This is to give you notice that eLink Realty LLC, doing business as eLink Realty is a licensed real estate broker. Our associates may have acted as a real estate broker representing the buyer/seller in the sale of properties. eLink Mortgage LLC DBA eLink Mortgage is a licensed mortgage broker and it is affiliated with eLink Realty. eLink Mortgage would like to provide mortgage brokerage services to you in connection with your loan to purchase properties.
Federal law and/or state law and regulations requires that we provide you with this written disclosure statement/notice. You are NOT required to use eLink Mortgage as a mortgage broker in connection with any real estate transaction. There are frequently other mortgage brokers available with similar service. You are free to compare and shop with other mortgage brokers and lenders, and to select any mortgage broker or lender of your choice.