Mortgage Breakdown:

More types of mortgage programs are available today than ever before, and each one has its benefits. Generally speaking, loans fall into three main categories: Fixed-Rate Loans, Adjustable-Rate Loans, and Miscellaneous. To decide just which loan is best suited to your needs, you must consider many factors. At Sundance Mortgage Company, we can help you find your way to the best loan possible. We have the programs, products, and experience to offer you the best possible rates, with terms and closing costs based on your individual profile.

30- (and 40-) Year Fixed (interest only option)

The most common loans, the 30-Year Fixed also is known as a "plain Vanilla fixed loan." This type is ideal for those who keep the loan 10 or more years. With this type of loan, interest rate and payment remain unchanged for the entire term, and the loan self-amortizes to a zero balance at the end of the loan.

15- Year Fixed

The 15-Year Fixed loan has the as same terms as 30-year Fixed, except the loans are paid off in 15 years. Monthly payments will be higher than a 30-year loan, of course. This type is popular for refinances, and the rate generally is 3/8 to 5/8 percent lower than 30-year fixed loan.

1-Year ARM

In the popular 1-Year Adjustable Rate Mortgage (ARM), interest rate and payment are fixed for an initial 12 months. Then, they change once every 12 months for the entire term of the loan (generally 30 years). Protection "Caps" prevent ruinous changes in the rate. These "Caps" typically are 1% - 2% every year and 5-6% over the initial rate for the entire loan. The initial rates are approximately 1.5% - 3% lower than 30-Year Fixed rates. People who do not need the loan for a long period of time often choose 1-Year ARM loans.

5/1 ARM (interest only option)

Same as the 3/1 ARM, only the initial fixed period is 5 years. Initial rates typically are about 1/4% - 3/8% lower than 30-Year Fixed loans.

7/1 ARM

Same as the 3/1 and 5/1 ARMs, only the initial fixed period is 7 years. These generally offer a slightly lower rate than the 30-Year Fixed. People who plan to keep their loans for five to seven years typically choose this loan.

10/1 ARM

Same as the 3/1, 5/1, 7/1 ARMs, only the initial period is 10 years. Frequently used as a promotional program by lenders, this program will have a better rate than the 30-Year Fixed loan and it may be ideal for you if you will keep the loan for eight to ten years.

Option ARM

The Option ARM offers you up to five monthly payment options. To decide what is best for you, you must understand the features and benefits of each option.

Reverse Mortgages

A reverse mortgage is a loan that enables a senior homeowner to convert home equity into cash. Usually no payments are due until the senior moves away permanently, passes away, or the home is sold. The final payment cannot exceed the home's selling price.

2nd Loans & Equity Loans (HELOC)

These loans are designed for borrowers who just want to tap into the equity in their homes, and we offer a variety of choices.