Kallay Williams - Financial Planner

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Mortgages . Home Owners Insurance . Home Loans . Life Insurance . Auto Insurance . Business Insurance . Investments . Mortgages
No Income Verification . Residential . Commercial Loans & Mortgages . Business Owners . Equity Borrowing . Workmen's Compensation

Kallay Williams
Registered Representative

E-mail Us

Office 860-289-8543        FAX 203-259-9919       Cell 203-645-1719

681 John Fitch Blvd
South Windsor, CT 06074

Member NASD and SIPC
NAPFA - National Association Of Financial Planners

Everyone at every stage of their live faces financial decisions that have a lasting impact on the quality of their and their families lives. Everyone should have a financial plan at every point of their lives from birth to death to fulfill their life goals and objectives. Those that have goals and objectives have an advantage over those who do not have a plan. Newborns and children need a plan for their education. College graduates need a plan to save for their first house or a business. Older people need to save for their retirements and long term care needs. It is my objective to spend all the time necessary to develop a plan to achieve each individual's objectives and goals. It is only through succeeding for my clients that I can achieve my personal goals and objectives. It is everyone's goal at Mass Mutual Financial Planning Group to help our clients obtain a financially rewarding life. Contact us and allow us to assist you with your insurance, investment, and mortgage needs. 

We offer the following services on an ongoing or as-needed basis as appropriate to your individual situation:

Insurance Products

Whole Life . Annuities . Disability Income . Long Term Care . Large Asset Client . Structured Settlements . Term Life . Universal Life . Variable Universal Life . Survivorship Life

Mortgages

Fixed Rate 30 Year / 20 Year / 15 Year . Home Equity Line . Second Mortgage . Variable Rate Mortgage ARM . Balloon Mortgage . Commercial Mortgages . No Income Verification . Bad Credit Mortgages

Fix Rate 30 Year Mortgage

The 30-year term gives you the maximum tax advantage by having the greatest interest deduction. While the fact that you're paying more interest may not seem like a benefit, you make lower payments with the longer term fixed-rate loan and you get a bigger tax deduction. If you will be staying in your home for many years (especially if you think your income may not increase tremendously), this may be the best option. This type of loan is also the easiest to qualify for.

Fix Rate 20 Year Mortgage

You can shorten your mortgage by 10 years and usually get a lower interest rate with the 20-year mortgage. These aren't offered through as many banks and lenders, however, so you may have to shop around to get one. The advantage with the shorter term, besides paying your loan off sooner, is that you'll also have more equity in your home sooner than you will with a 30-year loan. Your payments will be higher, however

Fix Rate 20 Year Mortgage

This loan term has the same benefits as the 20-year term (i.e., quicker pay-off, higher equity, lower interest rate), but you will also have a higher monthly payment.

Home Equity Credit Line - Second Mortgage

There are two types of home equity loans: term, or closed-end loans, and lines of credit. Both are sometimes referred to as second mortgages, because they're secured by your property, just like your original (first) mortgage. Home equity loans and lines of credit are usually for a shorter term than first mortgages. The most common type of mortgages runs 30 years, while equity loans typically have a life of five to 15 years. A home equity loan, sometimes called a term loan, is a one-time lump sum that is paid off over a set amount of time, with a fixed interest rate and the same payments each month. A home equity line of credit (HELOC) works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan -- a time limit set by the lender. During that time you can withdraw money as you need it by writing a check from those issued to you by the lender. As you pay off the principal, your credit revolves and you can use it again. Credit lines have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate and how much credit you have used. When the life span of a line of credit has expired everything must be paid off. A lender may or may not allow a renewal

Variable Rate Mortgage ARM

An adjustable-rate mortgage (ARM) has an interest rate that changes based on changing market rates and economic trends. They usually offer an initial interest rate that is two to three percentage points lower than fixed-rate mortgages, but they don't offer the stability or assurance of a known mortgage payment in the years to come. If you don't expect to be in your home for many years, however, an ARM may be just what you need.

• How often your interest rate adjusts is determined by the terms of the loan. You may choose a six-month ARM, a one-year ARM, a two-year ARM, or some other term. There is usually an initial period of time during which the rate won't change. This might be anywhere from six months to several years. For example, a 5/1 year ARM would mean the initial interest rate would stay the same for the first five years and then would adjust each year beginning with the sixth year. A 3/3 year ARM would mean the initial interest rate would stay the same for the first three years and then would adjust every three years beginning with the fourth year.
• There will also be caps, or limits to how high your interest rate can go over the life of the loan and how much it may change with each adjustment. Interim or periodic caps dictate how much the interest rate may rise with each adjustment. For example, the terms of the loan may be that the rate can go up as high as one percentage point each year depending on the market. Lifetime caps specify how high the rate can go over the life of the loan. For example, the terms of the loan might specify that the rate cannot go up by more than a total of six percentage points.
• The interest rates for ARMs can be tied to one-year U.S. Treasury bills, certificates of deposit (CDs), the Prime Rate as published in the Wall Street Journal, the London Inter-Bank Offer Rate (LIBOR), or other indexes. When mortgage lenders come up with their rates for ARMs, they look at the index and add a margin of two to four percentage points. Being "tied" to these index rates means that when those rates go up, your interest goes up with it. The flip side is that if they go down, your rate also goes down. Try this ARM calculator to see how your payments might change with an adjustable rate mortgage.

Balloon Mortgage

A balloon mortgage offers an initial interest rate that is lower than fixed-rate mortgages. It keeps this low fixed rate for five to seven years and then requires a "balloon" payment. The balloon payment is the final payment of the loan and pays off the entire balance.

Monthly payments are low because the payments for those first five to seven years are amortized at a low interest rate over the total length of the loan. If you plan on either selling your home, paying it off, or refinancing it before the balloon payment is due, then this type of mortgage is good deal.

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Last Updated 06-08-2005