Mortgage Company offers a wide variety of mortgage
programs, all of which are customized to each borrower's unique
needs and qualifications:
No Cost-Refinancing
Let's face it. There are a lot of mortgage loans out there
with entirely too high of an interest rate. If we are approached
by a client that wants to reduce their interest rate, and
if the loan is above a minimum of $130,000, we can look into
actually paying fo all the closing costs associated with this,
The borrower only pays for the pre-paid interest, tax and
insurance, and in most cases, their registration tax. That's
it. We actually pay for everything else, including credit
reports, flood certificates, appraisals, underwriting, processing,
closing fees, title insurance, and the courier's fees. Good
credit is required, and the interest is always about 0.25%
higher than the lowest available to us. But, when you do the
numbers, it is usually the best avenue to take. Ask a mortgage
consultatnt to work the numbers for you.
FHA
FHA loans are designed to make housing more affordable, particularly
for first-time homebuyers. Fixed or adjustable-rate loans
insured by the U.S. Department of Housing and Urban Development.
Adjustable Rate Mortgage
(ARM)
Also called a variable rate mortgage. A mortgage in which
the interest rate is adjusted periodically based on an index.
Conventional
They are not subject to the restrictions of government housing
programs, such as loan size limits. Loans that are not made
under any government housing program
VA
Fixed-rate loans guaranteed by the U.S. Department of Veterans
Affairs. They are designed to make housing affordable for
eligible U.S. veterans.
Construction:
A short-term, interim loan for financing the cost of construction.
The lender makes payments to the builder at periodic intervals
as the work progresses.
Home Equity
A mortgage loan which allows a borrower to obtain cash drawn
against home equity.
Jumbo Loan
A Jumbo Loan is a mortgage larger than the limit set by the Federal National
Mortgage Association and the Federal Home Loan Mortgage Corporation.
