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Which loan is right for me?


Years you plan to stay in the homeRecommended program
1-3 years 3/1 ARM, 1 year ARM or 6 month ARM
3-5 years 5/1 ARM
5-7 years 7/1 ARM
7-10 years 10/1 ARM, 30 year fixed or 15 year fixed
10+ years 30 year fixed or 15 year fixed


 
Loan ProgramAdvantagesDisadvantages
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
CURRENTLY AVAILABLE IN MEXICO AND THE DOMINIAN REPUBLIC
Loan ProgramAdvantagesDisadvantages
Adjustable Rate Mortgages (ARM)
  • 10/1 ARM
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • 1 year ARM
  • 6 month ARM
  • ARM
  • Lower initial monthly payment
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • 20 to 30 year term (depending on the country), no balloon payment
  • More risk
  • Payments may change over time
  • Potential for higher payments if rates increase
CURRENTLY AVAILABLE IN COSTA RICA, THE DOMINICAN REPUBLIC AND MEXICO
Loan ProgramAdvantagesDisadvantages
Balloon Mortgages
  • 7 year
  • 5 year
  • Lower initial monthly payment
  • Lower payment for a predetermined period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment, refinance, or exercise the conversion option
  • Balloon payment requires you to sell or refinance after the term, as opposed to a 7/1 or 5/1 program with a 30 year term
AVAILABLE IN MEXICO FOR LOT LOAN IN APPROVED DEVELOPMENT
Loan ProgramAdvantagesDisadvantages

TO BE DETERMINED
Loan ProgramAdvantagesDisadvantages
Bank Statement Income Programs
  • Income determined by bank statements not Tax Returns 
  • Good for self employed borrowers who may not qualify with a full income documentation program
  • Higher rates
  • Higher down payment
TEMPORARILIY UNAVAILABLE
Loan ProgramAdvantagesDisadvantages
Construction Loan
  • You have several payment options
  • Build your own home in a Qualified Development
  • Lower Capital outlay for developers and buyers
  • Higher rates
  • Difficult to approve property / project

 



Loan ProgramAdvantagesDisadvantages
Home Equity Fixed Loan
  • Fixed payments
  • Interest may be tax deductible
  • Get cash out for any purpose
  • Higher interest rates compared to first mortgage
  • Harder to refinance your first mortgage
  • Interest is paid on the entire loan amount, compared to an equity line of credit

Program availability depends on the country in which you will be purchasing. 

 



Stewart Title Latin America - Av. 11 Calles 13 & 15 Teral Building #2 - Third Floor - San Jose, CR 4482 1000
Office Phone: 214 774 2204
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STLA does not have a license granted by the Mexican, Costa Rican or Dominican government and is not subject to supervision by Mexican, Costa Rican or Dominican financial regulators to sell mortgage brokerage services. The Mortgage Alliance Program (MAP) is not affiliated with Stewart Information Service Corporation, Stewart Title Guaranty Company or any of its subsidiaries and affiliates.



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