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Fixed
Rate Loans
Thirty and fifteen year fixed rate financing programs
are the "elite home mortgage". They offer the very best rates
for the very best borrowers. The payments and interest rate
are fixed for the life of the loan. Although these loans offer
excellent terms, careful consideration should be give before
selecting this loan. If rates exceed 7.5% it may make sense
to select an interim or variable rate product. A variable
rate is an excellent place to "park" while waiting for fixed
rates to improve (see option ARM).
Apply now: Info Form
Interim
fixed Loans
These are 30 year loans that are fixed for a specific period
of time, typically 3, 5, or 7 year terms and than adjust for
the remaining period. The adjustments usually can not exceed
2% annually and the life cap is approximately 5% over the
initial rate. These loans regularly have a lower interest
rate than the 30 year fixed and are ideal for those who do
not expect to have the same mortgage beyond the initial fixed
period.
Apply now: Info Form
Adjustable
Rate Mortgage
These are 30 year loans that are fixed for a specific period
of time, typically 6 months to 1 year and than adjust for
the remaining period. The adjustments usually can not exceed
2% annually and the life cap is approximately 5% over the
initial rate. These loans regularly have a lower interest
rate than either the 30 year fixed or the interim fixed programs.
These programs have merit for those who need a lower payment
over the near term.
Apply now: Info Form
Option
ARM
Your payment will be fixed for a full year based on a rate as low
a 3.95%. However your actual interest rate will adjust monthly and
is approximately 6%. If you choose the minimum payment option, you
will defer the interest (negative amortization). Minimum payment
is fixed for 1 full year. Increases in the payment in any give year
can not exceed 7.5% of the previous years payment (for example a
$1,000.00 payment could not increase more than $75.00 in any given
year). You do not have to choose the minimum payment.
Each month your payment coupon will detail 4 payment options and
they are: A) minimum payment, B) interest only payment, C)
30 year payoff, and finally D) a payment that will payoff
your loan in 15 years. This is an excellent loan. It allows
superior cash flow, particularly for those purchasing a home
in the California market.
Apply now: Info Form
Credit
problems/Bankruptcy
Our 2/28 is the solution to most borrowers with a less than
perfect credit history. This includes bankruptcy, collections
and foreclosures. What most people do not realize is that
if you can put two years between your credit problems and
present day, you will qualify for the best financing available.
Hence the 2/28. With this program you will receive an introductory
interest rate fixed for two years. In most cases this will
be below 9%. This loan can be used to pay off and consolidate
your debt, settle Chapter 7 & 13 bankruptcies, or put
cash in your pocket. If you maintain a good credit rating
for 2 years you will qualify for the premier programs we offer.
Apply now: Info Form
Stated
Income vs. Full Documenting Loans
In most cases, simply stating your income
will be sufficient in obtaining the majority of our loan programs.
This simplifies the process and cuts down the paperwork. Stated
income loans are particularly helpful for self employed borrowers
or borrowers with erratic/uneven cash flow. In many cases,
there will be no additional charge for this type of format.
However, if higher loan-to-values are necessary or if there
are credit issues to deal with, a slight premium may apply.
Apply now: Info Form
Points,
No Points, or No Cost
Points are up front prepaid interest on your loan. Each point is
equal to 1% of the loan amount (Example: 2 points on a $300,000
loan = $6,000). By accepting a slightly higher interest rate you
can eliminate the points. Please do not confuse a no-point loan
with a no-cost loan. Even if you eliminate the points you will still
have closing costs. These costs in most cases will be between $2,000
and $3,000 dollars. If you plan in keeping your loan for less than
5 years it makes sense to eliminate points and costs.
Apply now: Info Form
Loan Modification
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Click Here for our Loan Modification Services
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