Judy Shao 邵菊芳 新美貸款銀行資深金牌貸款專員-Summit Mortgage Bankers: 908-392-5266, 1876 Route 27, #206; Edison, NJ 08817
Judy Shao 邵菊芳 新美貸款銀行資深金牌貸款專員-Summit Mortgage Bankers: 908-392-5266, 1876 Route 27, #206; Edison, NJ 08817


There are many different types of mortgages. It is very important to find out which mortgage that is best and right for you.

Some of the most common mortgages available today include:

Fixed rate mortgages
The lender's interest rate may be a prime consideration should you plan to stay in your home for an extended period of time. A fixed rate loan means your interest rate will not change during the term of the loan, and these loans are available in a variety of payment terms. The easiest one to qualify for is the 30-year mortgage, which also allow for the maximum deductions on interest. The 20-year mortgage saves a considerable amount of interest, and allows owners to get out of debt sooner. The 15-year fixed rate mortgage allows you to build up equity faster, but your payments may be substantially larger.

Adjustable rate mortgage
An adjustable-rate mortgage (ARM) offers an interest rate that will vary with changing market rates. This interest rate may get you into a home with lower initial payments than those of a fixed rate mortgage. Because of this, you may qualify for a larger loan. However, your payment may go up when interest rates are raised. Many ARM agreements also give you the option of locking the rate in within a certain time period.

Balloon mortgage
Balloon loans offer more buying power through lower interest rates on shorter term financing. You may want to consider this option if you have a stable income, and can afford to make a sizable monthly house payment; especially if you currently lack the resources for a large down payment. During the final year of the mortgage term, your entire outstanding balance is due to the lender. Balloon mortgages are also desirable if you plan to sell or refinance your home within a few years.






邵菊芳-新美貸款銀行資深金牌貸款專員 (Judy Shao-Summit Mortgage Bankers, Gold Ribbon Loan Officer)
E-mail: judy.shao@smb-mortgage.com; Tel: (908) 392-5266; Fax: 732-601-4339
NMLS #247708; 1876 Route 27, #206, Edison, NJ 08817