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Available Mortgage Programs
Fixed Rate Mortgages
Our fixed rate mortgage loan options offer a stable interest rate and a principal and interest payment that won't change over the life of the loan. We offer 10, 15, 20, 25, 30 and 40-year fixed rate loan options.
Consider a fixed rate mortgage loan if you plan to stay in the house for many years or if you want the security of knowing your interest rate will not change.
Adjustable Rate Mortgages
We offer a variety of Adjustable Rate Mortgages (ARMs), including 3/1, 5/1, 7/1 and10/1 ARMs. Typically adjustable rate mortgages begin at a lower interest rate, which can help you qualify for a larger mortgage loan. The 'low' introductory rate is used to calculate the mortgage payment for a specified period of time (3, 5, 7 or 10 years, depending on which adjustable rate mortgage you choose). Once this introductory period is over, the interest rate adjusts periodically and the payments may move up or down.
Consider an adjustable rate mortgage if you expect to live in a home for a short period of time, respective to the term of your ARM and if you are trying to qualify for a larger mortgage loan amount.
Jumbo Mortgages
Jumbo mortgage loans are loans above the maximum loan amount established by government-chartered corporations Fannie Mae and Freddie Mac. Since these loans don't conform to Fannie Mae and Freddie Mac underwriting guidelines they do not have government guarantees. Jumbo mortgages are generally priced slightly higher than conforming loans with amounts ranging from $417,001 to $1 million or more.
Interest Only Loans
With these loans you only make interest payments during an initial period of the loan term (usually five to 10 years). During the initial “interest only” period, your payment will not include any repayment of principal. So, the loan balance remains unchanged. Once the initial term expires, the interest only loan will become a fully amortizing loan based on the remaining term, and you’re payments will include interest and repayment of principal.
While you're only required to make only interest payments during the initial “interest only” loan period, you can choose to pay more than the interest to help lower your principal.
We offer an interest only loan option on our 30-year fixed mortgage and our 3/1, 5/1, 7/1 and 10/1 adjustable rate mortgages.
Pay Option ARMS
This loan program is an ARM with added flexibility of making one of several possible payments on your mortgage every month, in order to better manage your monthly cash flow.
Its low introductory start rate allows you to make very low initial mortgage payments and low qualifying rates enable you to qualify for more home.The minimum payment option can help keep your monthly payments affordable. If the minimum monthly payment is not sufficient to pay the monthly interest due, you can always avoid deferred interest by choosing the interest-only payment option.
With the Option ARM, you generally have at least two fully amortized payment choices, leading to a quicker loan payoff. If you prefer to pay off your loan on schedule, you can make the fully amortized payment based on a 30-year loan, or you can choose the 15-year payment option for the fastest equity build-up.
Option ARM loan programs are right for you if you'd like to own your property only for a short time, and prefer affordability and flexibility in your monthly payment. However, if you select the minimum payment option in the early years, you should be prepared for a possible sudden increase (often referred to as payment shock) in your monthly payments thereafter.
2nd Mortgages/HELOCS
If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans.
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