Which Home Loan Is The Best Loan For You?

This is the question you are probably asking yourself right about now!  You should be asking it… it’s the most important financial decision most people ever make!

Take a deep breath and say that there is no wrong answer, only degrees of right!  The best way for you to make a decision is to have a loan expert give you the pros and cons of the various loan programs and the programs that are available to you based on your financial and credit history.  Then you can make a decision as an educated, informed consumer.

Charles Rutenberg Financial Services offers a full ‘menu’ of loan programs including one that will be the very best for you:

1. Fully Documented Loans - “Fully Documented” means you can show proof all of your income, employment and asset information, e.g. payroll paychecks, tax returns, bank statements, etc. These loans have the best rate and terms.

2. Stated Income Loans - “Stated Income” means that the lender is willing to accept what you “state” your income to be; you don’t have to document (prove) your income.  Self-employed individuals often find these loans a great answer to their documentation problems. These loans have favorable rates and terms.

3. No Ratio Loans - “No Ratio” means that the loan amount you qualify for is not limited by the traditional income-to-debt ratios used by lenders.  In short, you can obtain a larger loan than you otherwise could, based on your current income and debt. These loans have favorable rates and terms.

4. Non Conforming Loans - “Non Conforming” means that your credit history does not meet (conform with) the current guidelines set by the lender.  Your loan is made acknowledging these minor credit problems, e.g. an occasional late payment.  These loans are made at slightly higher rates.

5. Power Option ARM – “Power Option” means that you do have the option of selecting one of four payments schedules every month. It can give you the very lowest monthly payment available for your loan amount.  However, it can result in negative amortization- your monthly payment is less than you actually owe and that difference is added to your loan amount.  In effect, you will owe more after your payment than you did before it. Please consult with one of our mortgage professionals for further details and before choosing this type of loan.

6. Hard Money Loans - “Hard Money” means they are very hard loans to obtain.  They are usually the last resort for buyers who have bad credit or homeowners in danger of losing their homes. They are made by private investors at unfavorable rates and terms.

You have many options and there is a “best choice” for you.  Our goal is to help you find it… call us now at 877.Rutenberg (788-3623).