American Custom Builders, Defiance Ohio


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What Type Of Mortgage Is Right For You

Appropriate for borrowers who: PROGRAM Loan Characteristics

  • plan to live in property more than 10 years
  • like total payment stability
30 YEAR
FIXED RATE
MORTGAGE
  • Interest rate &
    monthly payment
    remain the same for 30 years

  • plan to live in property more than 10 years
  • like initial payment stability, can accept later changes
OR
  • plan to move within 10 years
  • want loan to remain in force in case plans change
10/1 YEAR
ADJUSTABLE RATE
MORTGAGE
  • Interest rate &
    monthly payment remain
    the same for 10 years

  • Starting the 11th year, interest rate adjusted every year, so payment is subject to change every year for remainder of loan

  • plan to live in property more than 10 years
  • can tolerate one payment adjustment
OR
  • plan to move within 7 years
  • want to remain in force in case plans change
7/23 (2-Step)
or '30 due in 7'
MORTGAGE
  • Interest rate & monthly payment remain the same for 7 years

  • Conversion option: On the 8th year, interest rate adjusted to reflect prevailing interest rates, resulting payment will remain the same for remainder of loan

  • plan to live in property more than 7 years
  • like initial payment stability, can accept later changes
OR
  • plan to move within 7 years
  • want loan to remain in force in case plans change
7/1 YEAR
ADJUSTABLE RATE
MORTGAGE
  • Interest rate & monthly payment remain the same for 7 years

  • Starting the 8th year, interest rate adjusted every year, so payment is subject to change every year for remainder of the loan

  • plan to live in property more than 7 years
  • are willing to refinance at prevailing market rates
OR
  • plan to move within 7 years
  • like payment stability
7 YEAR
BALLOON
MORTGAGE
  • Interest rate & monthly payment remain the same for 7 years

  • At the end of 7 years, loan is due in full. Borrower must refinance into new loan at prevailing interest rates

  • plan to live in property more than 5 years
  • can tolerate one payment adjustment
OR
  • plan to move within 5 years
  • want loan to remain in force in case of plans change
5/25 (2-Step)
or '30 due in 5'
MORTGAGE
  • Interest rate & monthly payment remain the same for 5 years

  • Conversion option: On the 6th year, interest rate adjusted to reflect prevailing interest rates, resulting payment will remain the same for remainder of loan

  • plan to live in property more than 5 years
  • like initial payment stability, can accept later changes
OR
  • plan to move within 5 years
  • want loan to remain in force in case plans change
5/5 & 5/1 YEAR
ADJUSTABLE RATE
MORTGAGES
  • Interest rate & monthly payment remain the same for 5 years

  • Starting the 6th year, interest rate adjusted every 5 years (for 5/5 ARM) and every year (for 5/1 ARM)

  • plan to live in property more than 5 years
  • are willing to refinance at prevailing market rates
OR
  • plan to move within 5 years
  • like payment stability
5 YEAR
BALLOON
MORTGAGE
  • Interest rate & monthly payment remain the same for 5 years

  • At the end of 5 years, loan is due in full. Borrower must refinance into new loan at prevailing interest rates

  • plan to live in property more than 3 years
  • like initial payment stability, can accept later changes
OR
  • plan to move within 3 years
  • want loan to remain in force in case plans change
3/3 & 3/1 YEAR
ADJUSTABLE RATE
MORTGAGES
  • Interest rate & monthly payment remain the same for 3 years

  • Starting 4th year, interest rate adjusted every 3 years (for 3/3 ARM) and every year (for 3/1 ARM)

  • want to take advantage of lowest rate possible
  • are willing to accept yearly payment changes
OR
  • cannot qualify at higher rate programs
1 YEAR
ADJUSTABLE RATE
MORTGAGES
  • Interest rate adjusted every year, so monthly payment is subject to change every year for entire 30 year loan term


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American Custom Builders - 322 Clinton St., Defiance OH.   (419) 782-7882