At First Lenders, we assist you with determining the best mortgage product to fit your personal needs. We have five main loan programs that are offered. These programs feature:

• Fixed interest rates
• No Pre-payment Penalty
• Choice of terms (15, 20, 25, or 30 years)
• VA & FHA Loans are assumable

The 7/23 mortgage is a 7-year level payment ARM that guarantees the payments for the first 7 years and then it becomes a fixed rate mortgage for the remaining 23 years. The interest rate upon renewal is determined by an index out of the lender's control and may not be increased by more than 6% payment at interest rates .25% - .50% below the 30-year fixed rate mortgages. This is because the lender is only locking in the interest rates for 7 years, rather than the 30 years under the 30-year fixed rate mortgage. The one disadvantage is the borrower may have to pay substantially higher interest rates and payments after the first 7 years, if the interest rates go up over the first 7 years.

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