Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
Maximum Loan Amounts up to $2,000,000, Minimum FICO, Maximum Loan to Value ratios up to 80%, Maximum 43% DTI ratio. Maximum Loan Amounts up to $1,500,000, Minimum FICO, Maximum Loan to Value ratios up to 80%, Maximum 43% DTI ratio. Maximum Loan Amounts up to $750,000, Minimum FICO, Maximum Loan to Value ratios up to 75%, Maximum 38% DTI ratio. Maximum Cash Out amount permitted up to $500,000 (not available in TX). Fixed and ARM options that include 5/1, 7/1, and 10/1, 80% LTV. 1-2 Unit Primary Residence and 1 Unit Second Homes. Only one appraisal required, up to $1,500,000 Loan Amount. Eligible borrowers include: U.S Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens with an unexpired visa and a minimum two-year history of credit and employment in the U.S. Non-arms length transactions for primary residences only, First-Time Homebuyers (A First-Time Homebuyer is an individual that has not had a mortgage in the past or owned a home in the past 3 years)
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Construction Loan Programs
If you are planning on doing a major remodel (adding Square footage or a complete tear down) to your existing home and would like a construction to perm one time close loan based on finished value give us call, we can help. If you either own land or have a balance on your land we can offer various types of construction loans to build your dream home.
HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.