Fixed-Rate (10, 15, 20 and 30 Year)
A 10, 15, 20, or 30 year fixed rate, fully amortizing mortgage with conforming loan amounts ($417,000 as of 1/1/2006).  Monthly principal and interest payments remain level over the life of the loan. 

Adjustable Rate Mortgage (ARM) (1/1, 3/1, 7/1 and 10/1)
Rate and payment can adjust after the year indicated by the first number.  For example, a 1/1 will adjust after the first 12 months, a 3/1 will adjust after the first 3 years or 36 months.  After the initial adjustment, the rate and payment can then adjust every year thereafter.  The amount of the adjustments will be dictated by market conditions but typically will have a cap for each adjustment with an overall lifetime cap.  For example, if you have a 3/1 ARM mortgage with a 2/2/6 cap, you have a rate that can adjust after the first 36 months and then can adjust every year thereafter.  The first adjustment cannot exceed 2% and any adjustment after that cannot exceed 2% with the total number of adjustments over the lifetime of the loan limited to 6%.

Balloon Mortgage (5/25, 7/23, 10/20)
A fixed rate, level payment mortgage that is amortized over 30 years, but which has a balloon term of 5, 7, or 10 years.  This program contains a refinancing option that the borrower may exercise when the balloon maturity date is reached.  Otherwise, the balance of the loan must be paid in full.  

Rural Development (30 Year)
This program provides 100% financing at a 30 year fixed rate, fully amortized over the term of the loan.  Rates are comparable to a 30 year conventional mortgage.  Program does not require mortgage insurance premium and can allow for closing costs to be rolled into the loan amount.  Some property and income restrictions apply.

WHEDA Fixed Rate Mortgage (30 Year)
This program features provides fixed rate mortgage financing to first time home buyers, or clients who have not owned real estate in the past three years with competitive rates. The seller can pay the closing costs. Home Improvement Second Mortgages are also available. Income restrictions do apply.

VA Fixed Rate Mortgage (15 and 30 Year)
This program is offered to active or inactive members of the military.  The federal VA program allows for 100% financing at a comparable rate as that of a conventional mortgage.  The state VA program requires a 5% down payment with rates being set by the state.  Principal and interest payments remain level, fully amortized, over the life of the loan.  Some property restrictions apply.

80/20 Piggy-Back Mortgage
This program offers an alternative to 100% financing with one loan and eliminates the need for mortgage insurance premium.  The 80/20 program provides 80% of the purchase price under one loan and 20% of the purchase price under another loan.  Fixed or adjustable rates are available for the 80% program, with full amortization over the life of the loan (typically 30 years).  The 20% program is available with 15 year fixed rates, 30 year fixed rates that balloon in 15 years, or home equity lines of credit.

Home Equity Line of Credit
Most commonly used as a second mortgage but also available as a first, this program allows homeowners to tap into the equity of their home, while providing a maximum amount of flexibility.  Interest rates are typically based upon the Prime Rate and will change as the Prime Rate changes.  Borrowers are approved for a maximum amount and can access funds via a checkbook or debit card.  Interest accrues on the mortgage only as funds are utilized.  Payments are based on the amount of the line of credit used and the current interest rate.  Most home equity lines of credit (HELOC) offer an interest only payment for a certain number of years.  Some programs allow for borrower to “lock in” a rate as funds are used in order to avoid fluctuation of the Prime Rate.

Fixed Rate Second Mortgage
Similar to home equity lines of credit, this program allows homeowners to tap into the equity of their home.  Fixed and variable rates are available with full amortization over the life of the loan or optional balloon programs.