Mortgage Advantage Lending LLC

Our Loan Programs

At Mortgage Advantage we aim to earn clients, not one-time customers. If your are already our client or a first-time home buyer and want to know more about the mortgage process, we are here to assist you further.

We Offer Mortgages for all Credit Levels

Loan Programs	Advantages & Disadvantages
Fixed Rate Mortgages 15 year fixed 30 year fixed 10 year and 5 year	Fixed monthly investment. Fixed interest rate. Fixed rate mortgages are protected against interest and monthly payment increases.
	Higher interest rate compared to ARM introductory rates. Higher rate compared to two and three year, fixed/adjustable rate loans Longer term mortgages should be obtained if you plan not to move or refinance in the foreseeable future.

FHA/VA 30 year fixed 15 year fixed	Low down payment. (no down payment on VA) Fixed interest rate. Lower credit score requirements Government insured. (VA partially insured)
FHA/VA 30 year fixed 15 year fixed	Higher MI monthly than a conventional loan. Strict property guidelines. Funding fee to HUD financed, increasing overall loan amount. For VA must be in or have been in the military.

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM	Lower initial monthly investment. May qualify for higher loan amounts. Lower payment over a shorter period of time Rates and payments may go down if rates improve.
	Risk of higher monthly payments if rates go up. Payments may change over time.

203k Rehab 30 year fixed 15 year fixed	Upgrade or Repair an existing home to the way you like it. 6 months to complete the rehab. Choose your own licensed contractor to complete the project.
203k Rehab 30 year fixed 15 year fixed	Owner occupied only More fees than a regular mortgage to inspect and re inspect until the project is complete. First $5000.00 of repairs must go to plumbing and electrical on the subject property.

Home Equity Line of Credit	You only borrow what you need. Access to funds as needed. You pay interest only on what you borrow. Interest may be tax deductible.
Home Equity Line of Credit	Rates can change. The maximum interest rate is normally high. Payments can change monthly. Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments. Receive one lump sum at closing. Interest may be tax deductible.
Home Equity Fixed Loan	Higher interest rates compared to first mortgages. Harder to refinance your first mortgage.

Jumbo 30,15,10,5 year fixed 3/1 , 5/1 , 7/1, 10/1 arms	higher loan amounts. owner occupied and investment properties Flexible loan terms available, low fees and rates. Fast approval.
	Higher interest rates. Higher down payment. Higher credit score may be required for some programs.

No point, No fee Programs	No closing costs. Less money required to close.
No point, No fee Programs	Higher rates. Higher payments.