Programs

Massachusetts DU Refinance

Realtor Success Guide

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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

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.

FHA Insured Loans

USDA Insured Loans

VA Veterans Administration Guarantee Loans
No point, No closing Cost Programs	No closing costs Less money required to close	Higher rates Higher payments
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:

FHA Insured Loans
USDA Insured Loans
VA Veterans Administration Guarantee Loans
Purchase a home with 0 down payment (specific communities only)
Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down. (Programs
Home Improvement loans
Qualify even if you may have been turned down before!

Apply online today! Or call us at 1 (800) 693-0001

Star Mortgage® USA

A Division of Star Financial Services, Inc.

Administrative Offices

340 Manley Street

West Bridgewater, MA 02379

Toll Free:

Phone: (508)941-5616

Fax: (508)941-6788

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