©2019 Omega Financial. All rights reserved.

7 Vernon Street, Norwood, MA 02062, 781-762-2928 

Licensed by the Commissioner of Banks - License No. MB2671

Loan Programs

Fixed Rate Mortgages

 

  • 30 year fixed

  • 15 year fixed


Advantages

  • 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.

 

Disadvantages

  • 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


Advantages

  • 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

Disadvantages

  • More risk

  • Payments may change over time

  • Potential for high payments if rates go up

First-Time Buyer Programs

 

Advantages

  • Lower down payment

  • Easier to qualify

  • Sometimes you may get lower rate

 

Disadvantages

  • 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.

Home Equity Fixed Loan

 

Advantages

  • Fixed payments

  • Interest may be tax deductible

 

Disadvantages

  • Higher interest rates than on first mortgages

  • Harder to refinance your first mortgage

No Point, No Fee Programs

 

Advantages

  • No closing costs

  • Less money required to close

 

Disadvantages

  • Higher rates

  • Higher payments

Home Equity Line of Credit

 

Advantages

 

  • You only borrow what you need

  • Pay interest only on what you borrow

  • Flexible access to funds

  • Interest may be tax deductible

 

Disadvantages

 

  • Rates can change. The maximum interest rate is normally high.

  • Payments can change

  • Harder to refinance your first mortgage

 

Wills & Trusts

 

I'm a paragraph. Click here to add your own text and edit me. I’m a great place for you to tell a story and let your users know a little more about you.
​​
This is a great space to write long text about your company and your services. You can use this space to go into a little more detail about your company. Talk about your team and what services you provide. Tell your visitors the story of how you came up with the idea for your business and what makes you different from your competitors.