Your First Choice

Which loan is right for you? Below is a general "Rule of Thumb" to use when deciding which BayWest Equities loan program is best for you, and a description of common loans available to today's borrowers. Years you plan to stay in the house Recommended program 1-3 3/1 ARM, 1 year ARM or 6 month ARM 3-5 5/1 ARM 5-7 7/1 ARM 7-10 10/1 ARM, 30 yr fixed or 15 yr fixed 10+ 30 year fixed or 15 year fixed Loan Programs Advantages Disadvantages 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     Apply now! Adjustable Rate Mortgages · 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     Apply now! Balloon Mortgages · 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     Apply now! First Time Buyer Programs · Lower down payment · Easier to qualify · Sometimes you may get lower rate · 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.     Apply now! Stated Income Programs · Don't need to verify income · Faster approval · Higher rates · Higher down payment     Apply now! No point, No fee Programs · No closing costs · Less money required to close · Higher rates · Higher payments     Apply now! 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     Apply now! 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     Apply now! Home Equity Fixed Loan · Fixed payments · Interest may be tax deductible · Higher interest rates than on 1st mortgages · Harder to refinance your first mortgage     Apply now! Besides our standard loan programs, we also have a large number of unique programs to serve your needs including: · 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! · Commercial Loans · Investment Properties