Loan Products
Fixed Rate Mortgage
No Closing Cost and No Points Loan Programs
Adjustable Rate Mortgage (ARM)
Jumbo Mortgages
FHA / VA Loan Programs
Construction Financing
Commercial Lending
Reverse Mortgages
Fixed Rate Mortgage
With a fixed rate mortgage, you know exactly what your principal and interest payment will be each month for the life of your loan. It won’t change because your interest rate doesn’t change. Terms on fixed rate mortgages can be stretched into 30, 40, even 50 year terms. The longer the term, the lower your monthly payment! If interest rates go up, you’re protected with a fixed rate mortgage. But, you won’t benefit if rates go down. You can always take advantage of falling rates by refinancing.
Fixed rate mortgages might be right for you if:
- Want the security of a fixed principal and interest payment.
- Think that interest rates will go up.
- Are on a fixed or limited budget.
Adjustable Rate Mortgage (ARM)
Compared to fixed rate mortgages, Adjustable Rate Mortgages (ARMs) offer a lower interest rate to start, so your monthly payments are generally lower. But, the interest rate moves up and down with the market based on an "index". Some of the more common indices include U. S. Treasury Bills, Cost of Funds Index (COFI) and the London Interbank Offered Rate (LIBOR). Most ARMs have an initial fixed rate period where the interest rate doesn’t change followed by the rest of the loan’s lifetime period where the rate is adjusted at predetermined intervals. Many ARMs have caps that limit how much your interest rate can change per period as well as for the life of the loan.
Also be aware that there are some very low rates ARMs that start out with "discounted" rates. These discounted rates are below the market rate and will definitely go up at the first adjustment period.
Adjustable rate mortgages might be right for you if:
· You want more property than you can qualify for now with a fixed rate.
· You are confident your income will increase or rates will not go up much.
· You plan on selling or refinancing within seven years of buying your home.
FHA / VA
Federal Housing and Veterans Administration loan programs are available to qualified applicants. These programs help the borrowers with down payment assistance and qualifying for a home purchase. Please ask your loan officer if you have questions about these programs.
Construction
Construction loans are used to finance the building of a new home rather than purchase an existing home. They are usually variable-rate loans that have interest only payments during the construction phase. Draws are scheduled based on the stages of construction to pay the builders.
Many construction loans are construction-to-permanent which means that when construction is complete, the loan is converted to a normal mortgage. This has the advantage of a single loan with one closing.
Commercial Lending
Commercial lending need not be as difficult as you might think. Sure, the process might seem intimidating, however we have years of experience with assisting our commercial clients. Let us show you how to leverage your equity and assets so you can continue growing your business. Ask one of our loan officers to provide you with a free consultation over the phone.
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