Home Loan Types

Which loan is right for me?
Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixedor 15 year fixed

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 5/1 Arm 3/1 ARM 1 year ARM 6 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 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 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 rates	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 payments
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 1^st 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!

Mary Beth- Where do I begin? She is a sweet, hard working and determined realtor that you want representing you. We were searching for a home in the Main Line area for several months using another realtor. Days, months and even a year went by and we were unsuccessful. It wasn’t until we started working with Mary Bath Hurtado that this dream of living in the Main Line came true! It’s been a pleasure to recommend her to many friends and to see how they also have found their dream home. If you are determined to find a house, call Mary Beth! She is knowledgeable, caring, dedicated, and passionate…a real winner!

We recently needed to relocate to the Philadelphia area without much knowledge about where we wanted to live or should be looking. Thankfully we got in touch with Mary Beth. She was a huge help and really great to work with. She’s extremely knowledgeable about the area and really helped us narrow down our search. This was also our first house, so she was very helpful in guiding us through the process. We’re very happy with the house we’re in and really thankful we were lucky enough to work with Mary Beth.

Mary Beth and Eliot were fantastic when they represented us in the sale of our home. They were quick to respond to our calls and questions, and they put us at ease when the market didn’t behave exactly as we preferred! In the beginning of the process, they were very helpful in the staging of our home, and their comps were right on. They helped us strike the right balance of patience and aggressiveness, and the end result,after just a few months in a tough market, was a sale price above list. I would not hesitate to recommend Mary Beth and Eliot to my friends and family.

We used Mary Beth Hurtado in the recent purchase our of home in Bala Cynwyd. Not only did she find us the perfect house in the right neighborhood, she helped us get it at a great price. She has a great feel for people, and tremedous knowledge and experience that make her a top-notch realtor in the area. I highly recommend Mary Beth Hurtado to anyone looking to find their dream house in the Main Line.

Mary Beth Hurtado was patient, diligent, readily available, experienced, and knowledgeable. She lives and works on the Main Line and thus is extremely versed on the Main Line properties and real estate culture. She was a great balance between being aggressive and attentive but not too pushy. She listened to us and got to know us and what we were looking for in a house, when it came to price range and style. We would recommend her for somebody looking in the Main Line area. We greatly appreciate all that she did for us throughout the home buying process.

Distinctivehomesmainline has virtual meetings to go over your needs or train you on Virtual Real Estate.