TYPES OF LOANS- a partial list

A fixed rate mortgage is the most common mortgage type selected by homeowners today. If you plan to stay in the same home for the long run, a fixed rate is a great choice because the interest rate is fixed for the life of the loan, giving you a consistent principal and interest payment each month. The most common terms are 15-year and 30-year.

  Unlike a fixed rate mortgage, adjustable rate mortgages (ARMs) have a fixed rate initially and then adjust up or down based on a specific benchmark. The benefit here is that more often than not you can get a much lower payment at the onset. ARMs are also known as "variable-rate mortgages" or "floating-rate mortgages".

  Government loans are subsidized by a government agency, which protects lenders against defaults on payments. We work directly with a wide variety of government agencies including the FHA, VA, and USDA. These types of loans are ideal for lower income households and first-time home buyers because they offer:

• Low to No Down Payment Options
• Flexible Credit Guidelines
• Credit Scores as low as 600

You'll need a jumbo mortgage only if your loan amount exceeds the conforming loan limits, which vary based on location. Obtaining jumbo financing can often be a nightmare simply because of the delays and red tape you’ll find with most other jumbo originators. 

• Fixed and Adjustable Rate Options
• Avoid Underwriting Delays with our In-House Jumbo
• 10% Down Jumbo Mortgages Available

With a Renovation Loan you can purchase a home that may need repairs, or refinance your existing home for the purpose of remodeling with a cost-effective, single close loan. This program includes the necessary funds for the renovation by financing the “as completed” value of the home, rather than the present value.

• Purchase a home and make the upgrades you want
• Take up to 6 months to complete the project
• A single loan for the purchase (or refinance) and the home improvements

Second mortgages and home equity lines of credit (HELOCs) allow you to utilize the equity you have in your home. A second mortgage gives you a lump sum of money based on the equity in your home and you repay the money in installments over a fixed period of time. Whereas a HELOC functions similar to a credit card, you have a credit limit that you can reuse again and again as you pay down the balance.