Refinance - Available Options

Fully Amortized Loan Programs | Interest Only Mortgage

Fully Amortized Loan Programs

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

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

• Purchase a house with 0 down
• Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
• Debt consolidation programs
• Home Improvement loans
• Qualify even if you may have been turned down before!

Interest Only Mortgage
A mortgage loan that only the interest portion of the payment is paid on a monthly schedule for a designated amortization period.

iwayloan’s Interest Only Loan Program is on the leading edge of lending products. This product enables the borrower to either lower their existing payment or borrow more money for the same payment amount. Here are a few examples of how this loan program can benefit you:

1. A borrower has recently refinanced and wishes to further lower their payment.
2. A borrower has be laid off, transferred, has a spouse that has become unemployed and wishes to lower their payment.
3. A borrower cannot qualify for the home they want because the payments are too high.
4. A borrower knows they are only going to be in the home for a few years and wants the lowest possible payment.
5. An Investor who wishes to purchase or refinance an investment property and minimize the monthly payment and increase cash flow.

NOTE: All programs not available in all states. Please call for details.