Loan Center

The right financing to protect you, your family and your home.Each unique financial situation requires flexible, individualized loan options. At Metropolitan Mortgage we work hard to fully understand your unique set of needs. With access to hundreds of personalized loan programs, we can offer a range of smart solutions.

LOAN PROGRAMS
There are many loan programs to fit almost any need. Please call and ask which loan program best fits your situation.

WHICH PROGRAM IS BEST FOR ME?
Here are a few things to keep in mind when selecting a loan program.

Fixed Rate Mortgages 30 year fixed 15 year fixed

Advantages:
  • 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
Disadvantages:
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages
10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM

Advantages:
  • 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
Disadvantages:
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up

Home Equity Loans / Lines of Credit

Advantages:
  • Borrow what you need
  • Pay interests only on what you borrow
  • Flexible access to funds
Disadvantages:
  • Rates can change
  • Maximum interest rate is normally high
  • Payments can change

First Time Buyer Programs

Advantages:
  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
Disadvantages:
  • 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

Stated Income / No Income Programs

Advantages:
  • Don’t need to verify income
  • Faster approval
Disadvantages:
  • Higher rates
  • Higher down payment