Custom Mortgage Services

Financing Your American Dream!

Which loan is right for me?

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages
30 year fixed 15 year fixed	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	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	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	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages
5 year 7 year 15 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First Time Buyer Programs
	Lower down payment Easier to qualify Sometimes you may get lower rate	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 Programs
	Don't need to verify income Faster approval	Higher rates Higher down payment
No point, No fee Programs
	No closing costs Less money required to close	Higher rates Higher down payment
Imperfect Credit Programs
	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

Purchase a house with 0 down

Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.

Debt consolidation programs

Home Improvement loans

Qualify even if you may have been turned down before!

Licensed by the Pennsylvania Department of Banking as a first Mortgage Broker and licensed pursuant to the secondary mortgage loan act.

Member of:
Better Business Bureau
Pennsylvania Associates of Mortgage Brokers
National Association of Mortgage Brokers

Equal Housing Opportunity

Custom Mortgage Services

P.O. BOX 239

Penns Park, PA 18943