Types of Loans Available
Ancient City Mortgage provides mortgage options to fit your situation. People no longer need perfect credit or a steady income to qualify for a loan, although these attributes are rewarded with attractive rates and terms. There are advantages and risks associated with any type of financing so we take the time to find the best loan for your unique circumstances. Following are only some of the products we offer. We look forward to going over them with you, as well as other potential options, in more detail during your visit:

	Rate is locked in and cannot change with the market
	Payment may be spread over 10, 15, 20, or 30 years (and in some cases more)
	Advantage: stability - payment will not change, regardless of the economy

	Initial interest rate is usually fixed for a specific period - six months, one year, two years, three years, five years or seven years
	Rate begins to adjust up or down after the fixed period
	Adjustable rates are typically much lower than fixed and payment is amortized over 30 years, often offering significant savings
	Advantage: pay less now - a good fit for those who don't plan to be in the property forever

	Commonly lower closing costs
	Second to the first mortgage - you need do nothing with your first mortgage to obtain this loan
	Usually draw on the account through checks or a credit card, up to your preapproved limit
	Payments are based on the amount of money used, like a credit card
	Rates are usually adjustable and tied to Prime
	Interest-only periods can be available, to keep payments very low
	Possible tax savings - interest might be deductible, depending on your circumstances. Ask your tax advisor.
	Advantages: versatility - use the money for travel, home improvements, education expenses, automotive purchases, whatever you like

	Rates are typically higher than first mortgages
	As with a HELOC, you need do nothing with your first mortgage to obtain this loan
	Advantage - Can be used to pay off higher-rate credit cards or other debt

	Rate may be either fixed or adjustable
	Provides money to pay for new home property and construction · Initital payments are based on the money disbursed to the builder until the house is complete.
	At that point, payments are for the full amount of the loan and are the same as any other fixed adjustable-rate mortgage.
	Advantage - Allows you to create your dream home

	A sum is advanced, then payments are based only on the interest accumulating on the loan balance
	Loan balance does not decrease with payments
	Can include a "balloon" or lump-sum payment later
	Usually lasts for a limited period, after which payment is readjusted up to include both interest and principal
	Advantage - lower loan payment in the beginning makes this an option for those who anticipate increasing income or other changes in financial status

	For homeowners at least 62 years of age
	Offers a safe, easy way for seniors to access their home's equity
	Requires no repayment until the home is sold or the borrower permanently leaves the primary residence
	Advantages - Click here for more information on this government-sponsored program for seniors.