Home Purchase Programs

Understanding the features of your home loan, and how it will meet your financial needs, is highly important when choosing a home loan that is right for you. We can advise you in that determination.

Being a specialized mortgage planning brokerage, with access to a full spectrum of lending products, we provide choice, convenience, and oversight throughout the loan process. This is important because we understand the importance of having the right loan for every situation.

Noted below, is a sampling of some of the more popular lending programs available through Pacific Ally Mortgage.
Fixed Rate Mortgages (30, 25, 20, 15 and 10 Year Fixed)

If you like to plan for the long term and don’t like to take risks, you might want to consider a fixed rate loan. “Fixed” means that your interest rate and monthly loan payments remain the same for the life of the loan. We offer 30, 25, 20, 15, and 10 year fixed rate terms on Conforming loan amounts; 30 and 15 year fixed rate terms on Agency High Balance Conforming loan amounts ; and 30 and 15 year fixed rate terms on Jumbo loan amounts. All with a variety of features. You might pay a little more for the security of a fixed rate mortgage, but for many people, the resulting peace of mind is worth it.

Advantages

• Guaranteed rate for the term of the loan, once you lock
• Protection from rising interest rates
• Fixed monthly payment amount

Consider a Fixed Rate Mortgage if:

• Your income is consistent and reliable
• You’re willing to pay more for security of fixed monthly payments
• You plan on keeping the same mortgage for seven years or more
• You’re looking to get into a home with the lowest down payment possible

Adjustable Rate Mortgages (ARM)

Our traditional ARM loans offer you all the features of a fixed rate loan combined with the value of an adjustable rate mortgage. Our 1/1, 3/1, 5/1, 7/1, and 10/1 ARM’s allow you to pay a lower introductory interest rate than many fixed rate mortgages offer. An ARM is a mortgage in which the interest rate and payments are fixed for the initial pre-determined term, such as 1 year, 3 years, 5 years, 7 years or 10 years. After the initial fixed rate term is over, the interest rate and payment are adjusted periodically based on a pre-selected index and margin. Periodic rate caps determine the maximum allowable increase or decrease when the rate changes and a lifetime cap determines the maximum allowable increase in rate over the life of the loan.
ARM’s are some of our most sought after loans because they help you more easily qualify for a larger home, and there is no negative amortization.

Advantages

• Gives you set payments for a specific period of time
• Low qualifying rates
• Affordable home financing

Consider a Traditional ARM if:

• You want the stability of a low fixed rate for a set period of time.
• You prefer to keep extra cash on hand for investing or other things.
• You’re looking for a fully amortizing product.
• You intend to stay in the home for 5 years or less.