Most common loan product.  This is a loan with a fixed rate for a term 30 years and the payments never change.  This is a satisfactory program for borrowers who feel they are going to be in their home for 12 years or longer or they feel their income will remain consistent.  Customers can budget better since they always know what their payment will be.  The downside of the program is that it takes almost 17 years to pay dollar for dollar principle to interest.  Please note that since the average American relocates or refinances aproximently every 4.8 years, the reality is that the majority of people do not stay in the loan long enough to capture its real benefits and security.  People often start over again from scratch on a 30 year loan when they refinance.

The BEST fixed rate product because you are paying dollar for dollar principle to interest from day one.  This program is ideal for customers who feel without a doubt, this is the home they are going to live in at least 15 years and want it free and clear as soon as possible.  The downside is higher monthly payments with little breathing room. The shorter the term the more expensive the payments will be on a monthly basis. 

A popular option of those who do not want to start over again on a 30 year loan and do not want the higher payment of a 15 year loan.

Very popular in today's market.  All of these loans are amortized over 30 years and give you the benefit of an interest only (i/o) payment option.  Because you are not forced to pay the principle, there is a difference in payment from the regular principle and interest payment on a 30 year fixed.  You can always choose to pay extra and pay down the loan.  Most customers opt for these loans if they plan on being in their homes 10 years or less or they need some payment flexability. (college tuition, medical expenses, investments, loss of an income etc).  There are different types of these loans-PLEASE contact your experts at Second Generation to see which one works best for you.  The downside of the program is you do not pay principle down unless you pay extra each month and human nature tells us that quite often people will only pay their minimum payment.