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Home
 ResidentialRefinancing
Guide Comparing
Loans
Loan Programs
When refinancing, you have an option of changing the type
of mortgage used to finance your home. You can easily switch
from an adjustable
rate mortgage to a more stable
fixed rate mortgage. Or, you can take advantage of the
lower rates associated with an adjustable rate mortgage or
shorter-term mortgage.
Some popular loan choices include
fixed-rate mortgages, adjustable
rate mortgages, and balloon
mortgages. Fixed-rate mortgages offer stable costs over
the life of a loan. Adjustable rate mortgages feature a low
introductory rate that fluctuates at fixed intervals, according
to the market. Balloon mortgages are short-term loans that
are not fully amortized—at the end of the term; the
borrower pays the balance in a “balloon payment”.
Gershman Mortgage is the area leader in no cost refinancing,
offering opportunities for you to lower your interest rate
and monthly payments at no cost to you.
There are also a number of special
programs to suit borrower needs, including low documentation,
no asset verification, and interest-only plans, among others.
To determine which type of loan is best for you, try the
calculators
or talk with one of our loan officers. For more information
on loan options, visit our loan
programs section.
Interest Rates and Points
Points, often called discount points, are premiums paid to
reduce the interest rate. Each point is equivalent to 1% of
the loan amount. Points are paid at the closing.
When comparing interest rates from different lenders, use
the Annual Percentage Rate (APR). The APR reflects the cost
of a loan over one year as a percentage of the amount of the
loan. It takes into account the interest rate, points, and
origination fees.
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