Equisouth Mortgage Incorporated

Program

Feature

Benefit

10, 15, 20 & 30 Year Fixed Rate Mortgages

Equal monthly payments over term of loan:

Interest rate remains constant

	Monthly payments are unaffected by interest rate changes
	Easy to budget because monthly payments are fixed
	Suited for people who expect to remain in their home longer than 5 years

Adjustable Rate Mortgage (ARM)

	Interest rate fluctuates over time
	Monthly payment will vary based upon prevailing interest rate
	Different indexes and terms can be used for determining changes in the interest rate

	Initial interest rate is usually lower than fixed rate
	Suited for people who want to live in their homes or expect to refinance their homes in less than 5 years

Stated Income Loans

	No income verification is required
	Certain conditions apply

	Quick approval
	No tax returns or proof of income are required

Second Mortgage Loans (also known as home equity loans)

	May be able to borrow up to 100% of your home value
	Use the equity in your home and convert it to cash

	Quick and easy way to obtain cash or consolidate debt
	Can use to finance large purchases such as remodeling your home or paying for a child's education or buying a car
	Interest rates are usually more favorable than credit cards and in most cases, interest paid on second mortgages is tax deductible

Interest Only Loan

Allows you to pay interest only while paying principal when and if you desire

	Lower monthly payments because you are paying interest only
	Option to save or invest cash that would otherwise go toward principal
	Budgetary flexibility
	Allow for larger home purchase

Construction to Permanent loan

Allows a borrower to know the terms of his permanent loan at the time construction begins

	Want to build a new home without paying for two loan closings - a construction loan and a permanent financing loan
	Establish a permanent loan interest rate before construction begins

No Mortgage Insurance Products

	If you put down less than 20 percent when buying a new home, lenders often require you to have private mortgage insurance (PMI)
	Some home loan products will allow you to put down less than 20% & avoid PMI

Put less money down on the house and avoid private mortgage insurance (PMI)

Jumbo Mortgage Loan

Offers loan amounts greater than conforming loan limits

Stable fixed mortgage payments

8326 Crossland Loop \| Montgomery, AL 36117	Telephone: (334) 409-9300 / (800) 511-2509