WE OFFER DIFFERENT LOAN PROGRAMS
This is a brief description of the key elements of each loan we offer.
Construction Loans
With this type of loans you can finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution.
Home Equity Loans
Equity Loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition.
Conventional Fixed Rate Mortgage (FRM)
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment thought this is not necessarily required.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated on yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs.
Jumbo Loans
A Jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The Main difference between jumbo loans and conforming loans in the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Refinance Mortgage Loans
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to FRM, and in some cases reduce your loan term.
FHA Mortgage Loans
FHA loans are private loans insured by federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3 percent down to qualify. Those who choose loans are required to pay mortgage insurance which slightly increases their monthly payments.
Reverse Mortgage Loans
Also known as equity loans, are only available to homeowners 65 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly incomes
VA Mortgage Loans
Like a FHA loan, VA loans are private loans insuranced by federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.