We take pride in being an equal opportunity lender and financing our clients to purchase or refinance Primary residences, Secondary or Vacation homes and Investment or Rental properties with quality of service as a main component, while we offer our products irrespective of race, color, religion, national origin, sex, handicap or familial status.
Conventional Loans
Conventional loans, also called Confirming mortgage loans are appropriate for borrowers with good credit scores and subject to the guidelines of two government-sponsored enterprises: Fannie Mae and Freddie Mac. These loans come in Fixed 10,15,20,25 and 30-year terms and sometimes you may be eligible to choose your own loan term between 8 and 30 years if available.
Rate and Term Refinance loans
Rate and term Refinancing is usually opted for and not limited to the following reasons.
1. Reducing the loan term from a longer to a shorter period to save Dollars in interest payments while it could increase in monthly payments but save big over loan life.
2. Reduce the interest rate if you had initially secured the loan when you had a poor credit score and have an improved score now which would help reduce monthly payments.
3. Eliminating or reducing the mortgage insurance (PMI) if your property’s appraisal value has gone up to an extent that you gain 20% equity in your house or your loan to value ratio (LTV) reduces.
4. Increasing the loan term to reduce monthly payments as your financial situation could have changed while noting the fact that it could higher your financial charge for the loan.
5. Switching from an ARM to Fixed rate mortgage when the adjustment period gets closer to avoid risk of significant rate hike.
Cash-out loans
Cash out loans are useful when you have a major expense and don’t intend to borrow from other sources if they happen to be an expensive form of borrowing than doing a Cash-out from the equity built on your property.
ARM Loans
Adjustable-Rate Mortgage loan (ARM) loan’s interest rates can change periodically over the life of the loan, usually amortized on a 30- year basis with rates locked in a shorter period than the loan length. ARM loans rates are fixed for a period ranging from 3 to 10 years. After the expiration of introductory rates, monthly payments and interest rates can increase or decrease based on market conditions.
Jumbo Loans
Jumbo loans or non-conforming loans are loans that exceed the conforming loan limits set by the FHFA. These loans are used to finance higher-priced properties that exceed the limits established for conventional or government-backed loans.
Piggyback loan
A piggyback loan, also known as a combo loan or 80/10/10 loan, is a creative financing strategy used in real estate to avoid paying private mortgage insurance (PMI) and to facilitate the purchase of a home with a smaller down payment.
FHA Loan
FHA loans are mortgage loans insured by the Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to make homeownership more accessible, especially for first-time homebuyers and individuals with lower credit scores.
VA Loans
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) and are designed to assist eligible veterans, service members, and their spouses in obtaining home financing. Here are key features and characteristics of VA loans: One of the significant benefits of VA loans is that they often do not require a down payment. Borrowers can finance up to 100% of the home’s purchase price.
Bank Statement Loans
These programs are often beneficial for self-employed individuals who may have fluctuating income or multiple sources of income. Instead of providing traditional income documentation, applicants may be required to submit several months of personal or business bank statements to demonstrate their cash flow and ability to meet mortgage payments.