| Programs |
Advantages |
Disadvantages |
| Fixed Rate Mortgages |
| A wide range of traditional, fixed-rate mortgage programs, including 10, 15 20 and 30-year can be tailored to fit your specific needs and long-term financial goals. |
- Monthly payments are fixed over the life of the loan
- Interest rate does not change
- Protected if interest rates go up
- Ability to refinance if rates decrease
|
- Higher interest rate
- Higher mortgage payments
- Interest rate remains fixed regardless of market fluctuation
|
| Adjustable Rate Mortgages |
| A vast array of adjustable rate mortgage programs, ranging from 1 month to 10 years, offering lower interest rates and lower payments than fixed-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
|
- Exposure to interest rate risk
- Payments may change after fixed period
- Potential for high payments if interest rates increase
|
| First Time Buyer Programs |
| Howard Hanna has a variety of programs to meet the unique needs of our first time buyers, including competitive costs and below market interest rates for qualified buyers. |
- Low to no down payment options available
- Less stringent guidelines
- Lower interest rates available with certain programs
|
- May be subject to income and property value limitations
- Some government subsidized programs may have a recapture tax if the home is sold too soon in certain geographic areas
|
| FHA/VA Loans |
| These programs are intended to make home ownership easier to achieve for qualified buyers. Howard Hanna Mortgage Services is an FHA Direct Endorsement lender.Veterans Administration (VA) loans are available for those who have served in our military service. Howard Hanna Mortgage Services is a Veteran’s Administration automatic lender. |
- Require little or no down payment
- Competitive interest rates
- Can be forgiving of less than perfect credit
- Insured by the Federal Government
|
- Must meet certain guidelines
- Lower loan limits
|
| Buy Before You Sell |
| Our own innovative program that applies the equity in your current home towards the down payment on you next home, allowing you to buy with confidence even before your current home is sold. |
- Provides down payment funds for next home purchase
- Eliminates home sale contingency
- Payments can be deferred for qualified buyers
|
- 90 day term
- Must meet certain guidelines
- Must have equity in current home
- Rentals, multifamily and commercial properties are not eligible
|
| Construction Loans |
| Building your dream home? Howard Hanna can make your dream home a reality with just one loan. |
- No up-front commitment fee
- Competitive Fixed and Adjustable rate programs
- 9 month construction period
- Reasonable builder approval requirements
|
- Self-builds are not permitted
- Program may not be available in alllocations
|
| Renovation Plus |
| Enables a buyer to finance a home purchase, as well as substantial home improvements to that property, with one monthly mortgage payment. |
- Create immediate equity by incorporating the cost of improvements into one mortgage
- Cost effective alternative to home equity loans and high interest credit cards
- Eliminates the hassle of funding projects over time and out-of pocket costs
- Make improvements before moving in
|
- Cannot be used for structural repair
- Must qualify for entire loan amount including improvements
- Program may not be available in all locations
|
| Luxury Mortgage Programs |
| At times, home buyers need to secure a loan in excess of $400,000. Howard Hanna offers a variety of mortgage options to accommodate our luxury home buyers. |
- Allows you to borrow up to $5 million (ability to lend more on a case-by-case basis)
- Exclusive privileges through Howard Hanna’s Distinctive Client Services
|
- Higher interest rates to compensate for risk
- Larger down payment required
|
