Fixed Rate Mortgages
The interest rate on a fixed rate mortgage never changes throughout the life of the loan. You pay the same principal and interest payment each month until the loan is fully amortized and paid off. The most common fixed rate mortgage is the 30 year fixed rate loan. Fixed rates also come with terms of 10, 15, 20 and 25 years. The advantage of a fixed rate mortgage is that it provides maximum long term rate security. Typically, it's the best program for those people who do not plan to move or refinance their mortgage for at least 10 years. Otherwise, an adjustable rate mortgage (ARM) may prove to be more advantageous.
Adjustable Rate Mortgages (ARM)
An adjustable rate mortgage (ARM) offers an interest rate and payment that remain the same for a fixed period of time, usually 1, 3, 5, 7, or 10 years, and then adjusts at fixed intervals throughout the remaining term of the loan. Typically, these adjustment intervals occur every 1, 3, 6, or 12 months, with 12 months being most common. Most ARM products adjust by adding a margin (commonly 2.75) to an index yield (for example, the 1 year treasury securities index) to determine the new interest rate and payment. Most ARMs also provide some "rate shock" protection by capping the potential rise in interest rate at each adjustment interval (usually capped at 2%), and during the life of the loan (usually capped at 6%). Since ARMs are typically offered at lower interest rates than fixed rate loans, they can greatly benefit those people who are not planning on being in their home for more than 10 years. They are also advantageous for people who think they may be refinancing within 10 years, or those who expect that their income will be increasing over the next few years
Second Homes
Manufactured& Modular Homes
Townhomes & Condos
Equity Lines (HELOC)
Subordinate to the first mortgage these loans offer the borrower the ability to get moeny for home improvements, debt consolidation or may other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
Jumbo Loans for Large Loan Amounts ($359,650 to $2.5 million)
A jumbo or non-conforming mortgage loan is any mortgage that exceeds the conforming loan limit of $359,650. Jumbo loans, like conforming loans, are available as fixed rate mortgages or as ARMs. Typically, jumbo loans are priced slightly higher than conforming loans (usually .125 or .250% on interest rate), due to the limitations of the jumbo secondary market.
100% Purchase Money with Rural Development Guaranteed Loans (USDA) (Perfect for 1st Time Homebuyers)
Rural Development Guaranteed Loans or USDA loans are administered by the United States Deparment of Agriculture (USDA). USDA loans are offered as 30 year fixed rate mortgages. The primary advantage of USDA loans are their NO DOWNPAYMENT requirement and their less stringent qualification requirements. Although USDA loans are not restricted to first-time homebuyers they are well suited for the first-time buyer.
Investor Loans for Rental Properties
These are loans on a 1-4 unit properties that are being purchased as rentals for investment purposes rather than as primary, owner-occupied residences. Traditionally, these mortgages required a 30% downpayment, but in recent years numerous alternative products have been introduced that require as little as 0% down.
Portfolio Loans
Portfolio loans are specialty loans designed for the borrower who needs less stringent qualifying guidelines than the conventional borrower. Sometimes portfolio loans are needed because of a non-conforming property, and sometimes because the borrower has had some past credit issues or special circumstances. A Portfolio loans fit a lot of niches and are often a good solution to a potential deal breaker.