Indiana Mortgage Loan - Chapman Mortgage Corporation - Low Mortgage Loan Rates in Indianapolis Indiana - Indy Mortgages - IN Mortgage Loans

Chapman Mortgage Corporation, call toll free 888-832-4120, local phone 317-883-2604

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Mortgage Loan Types
Mortgage Loan Types

There are many variations of these mortgage loan programs and numerous loan options that we offer.  We will be happy to fully explain all of your loan options.

Fixed Rates - Fixed rate mortgages have level, constant payments of principal and interest because the interest cannot change.  It is fixed.  The most common terms for fixed rate loans are 15 and 30 years, but loans can be amortized over 10, 20, or 25 years.   These are the safest, most secure loan programs.  The level monthly payment makes fixed rate loans attractive to those staying in properties over 8 - 10 years.

Adjustable Rate Mortgages (ARMs) - These loans have a fixed period during which time the payments are fixed and level.  For example, a 3/1 ARM is fixed for the first three years, then becomes a 1 Yr. adjustable rate from years 4 - 30, adjusting every year to a new rate, subject to annual and lifetime caps on increases and decreases.  The adjustment each year after the initial fixed rate period is determined by this formula; Rate = Index plus Margin.  The most common index is the US 1 Year Treasury Constant Maturity.  The margin is determined by the lender, usually between 2.75% and 3.00%.  Rate adjustment caps generally apply to limit increases in rate per adjustment and over the life of the loan. ARMs are for the more sophisticated borrower who knows the length of time in the property is limited or knows that a refinance opportunity will occur during the initial fixed rate period of the ARM.

Piggyback 1st and 2nd Mortgages  -  A combination loan of a 75% or 80% 1st mortgage and a 15% or 10% 2nd mortgage can help savvy borrowers escape paying Private Mortgage Insurance (PMI) with as little as 5% or 10% down.  Normally, a down payment of at least 20% is required to avoid paying PMI.  These loans are typically known as 80/10/10's or 75/15/5's.  These combination loans can be done on fixed rates and most adjustable rate programs.  In some cases, an 80/15/5 can be done allowing the qualified borrower to put down only 5%, while still avoiding PMI.


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 fixed or 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
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

VA Loans
30 year fixed
15 year fixed
  • Low down payment needed for purchases
  • Can have less than perfect credit
  • Allows for interest rate reduction loan if you refinance
  • VA funding fee is added to your loan balance
  • Higher interest rates

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

Home Equity Fixed Loan
 
  • Fixed payments
  • Interest may be tax deductible
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage

Chapman Mortgage Corporation
8001 South Meridian St.
Indianapolis, In 46217

Phone 317-883-2604
Toll-free 888-832-4120
Fax
888-832-3420
Email:
info@chapmanmortgage.com




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Indiana Mortgage Loan - Chapman Mortgage Corporation - Low Mortgage Loan Rates in Indianapolis Indiana - Indy Mortgages - IN Mortgage Loans











Chapman Mortgage Corporation
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Chapman Mortgage Corporation Site Map

Home - Lists some of the mortgage loans and mortgage services offered including 10, 15, 20, 30 year mortgages, fixed rates, adjustable and variable rates, over 100% financing, no income verification loans, mortgage loan refinance, va mortgage loans,  no closing cost mortgages, mortgage loans for a home purchase, construction loans,  fast mortgage approvals, jumbo mortgage loans, 3, 5, 7 year arm products, commercial mortgages, interest-only mortgage loans, and balloon mortgages.

About Us - Company Information.  Chapman Mortgage Corporation provides first and second mortgages, refinances, home equity lines of credit, money for home improvements; whatever a family's dream, we can make it happen.

Mortgage Loan Types - Explains mortgage loan types and offers pros and cons of each.  Information on fixed rate mortgages, adjustable rate mortgages, VA loans, stated income programs, no point, no fee programs, imperfect credit programs, home equity line of credit, and home equity fixed loans.

Mortgage Process - Describes the steps involved in obtaining a mortgage loan.  Explains documents you will need for mortgage loan approval, getting pre-qualified or pre-approved, research mortgage rates and mortgage programs, how to apply online with our online mortgage application, mortgage loan approval, and mortgage loan closing.

Mortgage Calculator - We offer two mortgage calculators to help you calculate your mortgage loan payment.  A Monthly Mortgage Payment Calculator and Full Mortgage Loan Amortization Calculator.

Contact Us - send Chapman Mortgage Corporation an email.

Privacy Policy - At Chapman Mortgage Corporation, we are committed to protecting your privacy online. We created our Privacy Policy in order to demonstrate our firm commitment to protecting the privacy of our visitors.