Fixed Rate Mortgages
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.
Option ARM
The minimum payment option is the option with which your payment is based upon below market rate (currently as low as 1.000%). This option allows you to defer mortgage interest while maximizing your cash flow.
Adjustable Rate Mortgages
These loans generally begin with an interest rate that is significantly lower than a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Interest Only
"Interest Only" products are an easy way to save money and a very popular alternative to traditional fixed rates but they are not without risk. An "Interest Only" loan can offer consumers greater purchasing power, increased cash flow and a number of other benefits which are described later in this article.
100% Financing
A major misconception in homebuying is that you need to have thousands of dollars to put towards the purchase of a home. Continental Financing Company has many options for potential home buyers who do not have funding for down payment.
Sub-prime Loans
If you have a less-than-perfect credit, you may not qualify for a conventional loan or a low down payment loan offered by FHA and VA. In this case, you may consider a subprime mortgage. Because of the higher risk associated with lending to borrowers that have a poor credit history, subprime loans may require a larger down payment and a higher interest rate.
