Below are a few terms and their definitions that you will
probably hear when searching for a mortgage:
Conventional
Fixed Rate
We offer fixed rate mortgages from a wide variety of
investors and is able to provide you with a competitive
rate and term. Down payments as low as 5% on Jumbo loans
are available.
Adjustable
Rate
Adjustable Rate Mortgages (ARMs) provide the customer
with an initial lower interest rate and the security of
knowing that their rate will be capped annually and over
the life of the loan. This program allows the borrower to
qualify for a larger home than the customary fixed rate
mortgage. We offer ARMs with initial fixed rate terms of
1,2,3 and 5 years.
FHA/VA
FHA loans are available with fixed and adjustable rates.
The Federal Housing Administration provides loans that require
less than a 5% down payment, no cash reserves, expanded
qualifying ratios and are generally easier for the buyer
to qualify. VA loans are guaranteed by the Veterans Administration
for all qualified veterans to obtain financing with no down
payment.
Portfolio
Loan
A portfolio loan enables the borrower to obtain a mortgage
loan when he or she does not meet a mortgage company or
bank's investor guidelines. We can help you with situations
such as being newly self-employed, recent bankruptcy, slow
payments on your car,credit card, or even your mortgage
loan.
Home
Equity
This program allows you to use the equity in your home
to purchase a new car, finance a college education, or put
in that swimming pool you always wanted. A home equity loan
gives you the advantage of deducting the mortgage interest
rather than paying the higher rate charged on most consumer
loans. Terms are available up to 15 years. This could be
the perfect loan to allow you to consolidate all of your
bills, including high interest credit card debt, into one
monthly payment with tax deductible interest.
Bridge
Loans
Bridge loans allow you to place a short-term, interest
only loan on your present property. This allows the owner
to use the equity to purchase a new home prior to selling
the current home. With a bridge loan, you make interest
only payments, and you pay off the loan when your home sells.
The term of this loan is six months.
Construction
Loans
If you want to build your dream home, we provide construction
loans to builders and consumers. Our unique program can
allow the consumers to close with one set of closing costs,
rather than closing on both a construction loan and an end
loan. You can lock your interest rate for up to six months
for the construction period. Or lock in on an ARM and have
the same rate for the entire term of the loan.
