Fixed Rate Loans
30 Year Fixed: This loan is amortized over 30 years (360 months) resulting in a zero balance at the end of the loan. The interest rate remains fixed for the 30 year term of the loan resulting in a loan payment (principal and interest) that does not change. This is the most common mortgage loan.
15 Year Fixed: This loan is amortized over 15 years (180 months) resulting in a zero balance at the end of the loan. The interest rate remains fixed for the 15 year term of the loan resulting in a loan payment (principal and interest) that does not change. The interest rate is typically about 1/2 percent less than that of the 30 year fixed loan. While the monthly payment for a 15 year fixed is about 1/3 higher than that of a 30 year fixed, the total interest paid over the life of the loan will be less than half as much. Your equity will grow much faster with this loan.
Construction/Perm - The One Step Loan, Total Financing, One Application. Our one-step loan is the most affordable way to finance the construction of your new home. Our one-step requires only one application and one closing, so you save time and money. There's no extra charge to set up your one step loan. Builder does not have to be approved. Our loan officers have details.
NINANE - No Income, No Asset, No Employment Loan. This program is ideal for self-employed borrowers with complicated tax returns and financial statements. Salaried and retired borrowers are also eligible.
* Up to 95% financing.
* Purchase or refinance
* Self-employed, salaried, or retired
* No tax returns, no W-2's, no 1099's, no P&I statements, no paycheck stubs... nothing
** IRS 4506 Tax Form - Selected programs do not require this form to be signed at closing.
*** Note: Terms and conditions subject to change without notice
VA Loans. These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guaranty on the loan protects the lender against loss if the payments are not made and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran previously used some entitlement. With the current maximum guaranty, a veteran who hasn't previously used the benefit may be able to obtain a VA loan up to $203,000 depending on the borrower's income level and the appraised value of the property.
Adjustable Rate Mortgages. These loans have a fixed rate for a specified number of years, typically between 1 and 7 years, after which the interest rate adjusts per the specified terms of the loan. Most of these "ARM's" are amortized over a 30 year period. (ie: 2/28, 3/27) |
