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30year and 15year fixed
If paying off your mortgage is your goal, then a fixed rate mortgage gives you the ability to hold your loan through payoff with a fixed rate and fixed repayment schedule. This loan is amortized over 30 or 15 years. If you know for sure that you will be in the home for 10+ years and you can afford the payment, then this is the option for you.
ARM Loans - 3/1, 5/1, 7/1, 10/1 Amortized
This loan is a fixed rate and fixed interest product for X number of years. After the fixed year period, the loan becomes yearly adjustable based on the index its tied to. A very popular loan option, this program gives the borrower the security of a fixed mortgage and the lowered rate of an adjustable.
Interest Only ARM Loans
Interest only" products are an easy way to save money and a very popular alternative to traditional fixed rates.
An "Interest Only" loan can offer consumers greater purchasing power, increased
cash flow and a number of other benefits.
Reverse Mortgage
A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to
finance living expenses, home improvements, in home health care, or other needs. With a reverse mortgage, the payment stream is
"reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender,
as occurs with a regular home purchase mortgage.
Click Here for more on reverse mortgages
Home Equity Lines
Home equity lines are a great way for homeowners to access the equity in their homes. It works very much like a revolving credit line where you are assigned a credit limit based on the equity in your home, when you use it, the balance of the loan will increase. If you don't use it, you don't pay on it. These loans are typically Interest Only loans which are monthly adjustable based on the wall street journals PRIME index. These are recommended for short term needs and can be a great way to finance home repairs, pay for college tuition, or payoff high interest credit cards.
Spec Construction Loan
Specualtion construction is an investment project where a buyer intends to build a home for sale to the general public at the end of construction. The borrower is speculating that the house will be worth more money than the cost and a reasonable profit margin can be attained. We offer many varieties of spec loans that require 10-30% cash investment of the total cost of the project. There are 3 qualifiers to this program: the project, the builder and the borrower.
Lot Loans
Many lot purchasers do not have the funds to pay for lots with 100% cash. This loan allows the borrower to finance a large portion of the lot. We offer lot loans with 20-30% as a down payment. Rates depend on the term of the loan and come in the following varieties: 15 month, 2 years, or upto 20 years. Depending on the borrower's qualifications, the loan programs can be interest only, balloons, or fully amortized to payoff the lot at the end of the term. We also offer cash-out refinances on lots where the borrower plans to build within 2 years.
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