Mortgage Loan Programs

Loan Programs

There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs

Loan Programs	Characteristics
15- and 30-Year Fixed-Rate Mortgages	Interest rate does not change. Principal and interest (P & I) does not change. Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term. Different loan terms are available (15- and 30-year terms are most popular). The shorter the term, the faster equity is built and the loan is paid off.
Fixed-Rate Balloons	P & I payment and interest rate do not change. Regular monthly P & I payments are based on 30-year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years. Interest rate is typically less than fixed-rate loans. Most borrowers anticipate refinancing or selling prior to the end of the balloon term.
Fixed-Rate with Temporary Buydown	Borrowers or the seller may pay to temporarily "buy down," or lower, the interest rate. Decreased interest rate reduces the monthly payment. Lower interest rate may help borrowers qualify more easily; qualifying factors may vary. Interest rate/payment is typically reduced for 1, 2 or 3 years
Interest-Only Mortgages	There are no reductions to the principal amount. There is no provision for negative amortization. Payments may increase up to an amortized amount, but the loan balance itself does not increase. Generally, interest-only payments are limited to the first 5, 10 or 15 years of the loan. After that, the loan is amortized for the remainder of its term
Adjustable-Rate Mortgages (ARMs)	There is potential for the interest rate/ payment to fluctuate. ARMs transfer to borrowers a portion of the risk associated with a changing economy. In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages. The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.

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This site includes information on financing homes and properties in Lafayette, West Lafayette, Battle Ground, Buck Creek, Clarks Hill, Dayton, Montmorenci, Romney, Stockwell, Westpoint, Brookston, Monticello, Delphi, Mulberry, Frankfort, Rossville, Lebanon, Crawfordsville, Attica, Williamsport, Fowler, Otterbein, and the surrounding Counties in Indiana. FREE Home Search service data (The Home Buyers Scouting Report®) is provided by Home Buyers Marketing II, Inc., and also includes real estate property and homes, condos, and town homes for sale in Tippecanoe County and the surrounding Counties, covering real estate, including investment properties for sale. Represented by Realtors and real estate agents in those regions. People who are relocating, buying a first home in Lafayette, Indiana, IN, West Lafayette, Indiana, and the surrounding areas, or those who are looking to refinance their current home mortgage loan, will find useful information on rent-to-own homes, home for sale, homes for lease, condominiums, town homes, luxury homes, executive homes, and new developments, to buy or sell, with additional information on schools and regional highlights. Homebuyers and sellers can find information on properties through The Scouting Report on residential real estate or other properties that include Lafayette Indiana and West Lafayette Indiana. Tippecanoe Mortgage consists of experienced Mortgage Brokers who have expert knowledge of the properties in these communities.

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