There are many loan programs to fit almost any need. Please call and ask which loan program best fits your situation.
Which Loan Is Right For You?
No Cost "Refinance" Loans - It is very possible we could refinance your home and lower your interest rate and monthly payment without adding to your existing loan balance and without you paying any closing costs. This is our most popular program!
Futhermore, after escrow closes we will automatically monitor interest rates for you on an on-going basis. If interest rates go down, we will let you know that we can reduce your interest rate again , without adding to your loan balance and without you paying any of the fees associated with refinancing. We will contact you if the interest rate drops even a 1/4 %.
What does it all mean? you get a lower interest rate and a lower payment and YOU PAY NO FEES WHATSOEVER! The savings really add up! No equity is ever lost!
* Please note: Refinancing does not affect your property Tax Rate. * Please note: Your new loan amount will be adjusted to your current loan balance.
Reverse Mortgage Loans - If you are 62 years of age or older and have equity in your home, a Reverse Mortgage can turn that equity into cash, monthly income, a line of credit, or a combination of the three. Unlike a traditional mortgage, you are not required to make any monthly mortgage payments.
There isn't any income or credit qualifications. Best of all you retain ownership of your home and can live there as long as you choose. Repayment is not due until your home is sold, the borrower moves out or passes away. When the loan becomes due, your heirs can keep the home by simply paying off the loan balance or refinancing the loan. You will never owe more than your home is worth at the time repayment is due and all remaining equity goes to your heirs.
The funds can be used for anything, including: Pay off of an existing mortgages and other debt. Long-term healthcare and prescription medication. Home repairs and renovations. Cash reserve for emergencies. Property taxes.
15, 20, 30, or 40 year Fixed-Rate Mortgage - A mortgage loan program where the interest rate does not change for the life of the loan. Your monthly payment is calculated based on the initial interest rate and never changes. The 30-Year Fixed Rate Mortgage is considered the most conservative because there is no risk that changing market conditions will affect your monthly payment.
3/1, 5/1, 7/1 or 10/1 Adjustable Rate Mortgage (ARM) - A mortgage loan program in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage. This 30-year loan offers a fixed interest rate for the first 3, 5, 7 or 10 years and then turns into a 1 Year Adjustable Rate Mortgage for the remaining years of the loan. This loan has recently become quite popular by those seeking to minimize monthly payments while accepting a certain amount of risk.
5/25, 7/23 or 10/20 Balloon Mortgage - Behaves like a fixed-rate mortgage loan for a set number of years (usually five, seven or ten) and then must be paid off in full in a single "balloon" payment. Balloon mortgage loan programs are popular with those expecting to sell or refinance their property within a definite period of time. Although your monthly payment is calculated as if you will pay off the loan over 30 years, this loan requires that you completely pay your remaining balance (a significant percentage of your original loan amount) in a single payment at the end of 5, 7 or 10 years. This loan may be suitable for those who will sell their home or refinance on or before the balloon payment date.
Home Equity Line of Credit or Home Equity Loan (HELOC or HELOAN) - A home equity line of credit is a revolving credit line account secured by the equity in your home. It has an adjustable interest rate, based on the prime rate as published in numerous financial publications including The Wall Street Journal. The term of a home equity line of credit is generally 15 years, during which time you may access your funds up to the amount of the credit line. The difference between a home equity line of credit and a home equity loan is that a credit line can be withdrawn as you need it, where an equity loan is paid out in one lump sum. Also, a home equity credit line has a variable interest rate, while an equity loan has a fixed rate.
Proceeds of your home equity line of credit can be used for many purposes including debt consolidation, home improvements, and general cash out. If the equity line of credit is secured by your primary home, the interest may be tax deductible up to 100% of value or $100,000.
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