In addition to our standard mortgage loan programs detailed below, Blue Ribbon Mortgage also offers a large number of unique programs to serve your home loan and commercial mortgage needs.

• Purchase a house with no money down.

• Piggyback loans 80-10-10 or 80-15-5. No PMI (private mortgage insurance, also known as MIP) payments even with 5% or 10% down.

• Debt consolidation programs.

• Home Improvement loans.

• Qualify even if you have been turned down before!

• No Income Verification Programs.

• Creative Commercial Loan Programs, some with no income verification required!

           

Which mortgage loan is right for me? Years you plan to stay in your  home Mortgage Programs You May Want To Consider 1-3 3/1 ARM, 1 year ARM or 6 month ARM 3-5 5/1 ARM (Adjustable Rate Mortgage) 5-7 7/1 ARM 7-10 10/1 ARM, 30 year fixed or 15 year fixed 10+ 30 year fixed or 15 year fixed mortgage   Mortgage Loan Programs Advantages Disadvantages Fixed Rate Mortgage Loans 30 year fixed 15 year fixed Monthly payments are fixed over the life of the mortgage 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 Mortgage Loans 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM Lower initial monthly mortgage payment Lower payment over a shorter period of time Interest Rates and payments may go down if rates improve May qualify for higher loan amounts Less stable than fixed rates Payments may change over the life of the mortgage loan Potential for high payments if rates go up Balloon Mortgage Loans 7 year 5 year Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new mortgage loan after the initial term. Chance that rates may be 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 Mortgage Loan Programs   Lower down payment Easier to qualify Sometimes you may get lower interest 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 Mortgage Loans   Don't need to verify income Faster approval Higher interest rates Higher down payment No point, No fee Mortgage Loan Programs   No closing costs Less money required to close Higher rates Higher payments Imperfect or Bad Credit Mortgage Loan 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 interest rates Mortgage terms may not be as favorable Harder to get long term fixed rate mortgage loans Mortgage Loans may have prepayment penalties Home Equity Line of Credit (HELOC)   You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible Interest Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage Home Equity Fixed Rate Loan   Fixed mortgage payments Interest may be tax deductible Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

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