Loan Programs
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
USDA Loans
A USDA home loan is a competitively priced mortgage option that helps to make purchasing a home more affordable for low-income individuals living in designated rural areas.
Conventional Loans
A Conventional home loan are not government back loans. They include: conforming, non-conforming and jumbo loans. The minimum down payment on a conforming loan is 3% and if you put 20% down or more there is no mortgage insurance.
Non-QM Loans
Non-QM loans is a great option for borrowers that are self employed or real estate investors that may not meet standard underwriting guidelines.
Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
Home Equity Loans
Home Equity Loans (HELOAN) are a great alternative to refinancing and pulling cash out. These loans are typically a fixed rate second lien. Terms can be either 10, 15, 20 or 30 years.
Home Equity Lines of Credit
Home Equity Lines of Credit (HELOC) are a great alternative to refinancing and pulling cash out. These loans are typically a variable rate second lien. Terms can be either 5, 10, 15, 20 or 30 years.
Reverse Mortgages
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Private Money Loans
We offer loans Private Money Loans for Flippers and Rehabbers.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.