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| Fixed Rate Mortgage |
| Fixed Rate /Interest Only |
| Pick your payment loan: |
| Adjustable Rate Mortgages |
| Subprime Loans C & D credit borrowers |
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Fixed Rate Mortgage
We provide a variety of fixed rate mortgage loans:
- 10 year Fixed
- 15 year fixed
- 20 year fixed
- 30 year fixed
- 40 year fixed
- 50 year fixed
Maximum Amount: $2,000,000
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Fixed Rate /Interest Only
We have 30 year fixed loans with an interest only option availiable! The loan is fixed for 30 years and during the first 10 years of the term the Interest Only payment is due each month, but you can make large lump sum payments if you would like.
After 10 years is over the remaiing balance then turns into a 20 year fixed fully amoritized loan where you will then pay principal and an interest payment each month until the loan is paid in full. (without having to refinance the loan)
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Pick your payment loan:
Option ARM: Like all other pay option loans this product is variable but it offers great options for the investor interested in cash flow:
Option 1 = 30 year payment
Option 2 = 15 year payment
Option 3 = Interest only payment
Option 4 = Minimum payment / Negetive Amoritization
There is often a payment cap with this loan and is based on an Index and a Margin to calculate the rate!
Contact your loan officer for more details!
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Adjustable Rate Mortgages
We have a variety of adjustable rate mortgage loans:
- 3 year ARM
- 5 year ARM
- 7 year ARM
- 10 year ARM
These type of loans are often used by borrowers that only plan on being in the home for certain amount of time.
( For Example) If Joe Smith just received a job transfer or was going to school for 4 years in an area, but wanted to purchase a home and wanted a little lower rate then the standard 30 year fixed he may choose a 5 year Adjustable rate mortgage because the 5 year ARM will adjust at the end of the 5th year. He will have sold the home and moved after the 4th year, so the little lower rate of the 5 year loan helped him save a little in interest.
These loan are based on an Index and a margin and have caps that will tell you how often and how high the can adjust. They will also tell you how often they can adjust.
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Subprime Loans C & D credit borrowers
Subprime loans are designed for the borrower that may have a number of different things that will not allow them to qualify for a conventional loan at great rates:
The loans often times have pre payment penalties for 1, 2 or 3 years.
Expect a little higher than the average going interest rate!
Loan products normally offered are the following:
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2 year ARM with a 2 year pre payment penalty
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3 year ARM with a 3 year pre payment penalty
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5 year ARM with a 3 year pre payment penalty
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Many of these adjustable rate loans are great and can be amoritized over 30, 40 or even 50 years.
You may also get a fixed interest rate, but the rates will be higher than the adjustable rates and chances are you refinance this loan as soon as the pre payment penalty is over.
- 50 year fixed
- 40 year fixed
- 30 year fixed
- 30 year fixed with an Interest Only option
AOC
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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