Recent Programs


More Recent Programs

  • Interest-Only Loans- 1yr, 3yr, 5yr, 7,yr, and 10yr
    Interest-Only Fixed Period loans allow you to make payments only on the interest of your loan for a fixed period of time.  During this fixed period, the monthly payments are significantly less than the later payments.  These types of loans are a good choice for borrowers who expect their income to increase over the life of the loan.  They effectively allow the borrower to get a larger loan that what they would normally be approved for.  Most Interest-Only programs are offered for a fixed period and then require that the loan be amortized over the remaining 20 or 30 years.
  • HELOC
    Home Equity Lines of Credit have been offered as first mortgages, not just lines of credit on top of a first mortgage.These loans are set up as a line of credit with a specified draw amount, as opposed to a fixed cash value.  The draw period ranges from 5 to 10 years.  During this time, the borrower is only required to make payments on the interest.  The repayment period ranges from 10 to 20 years, with the payments on the principal split equally into monthly payments.  Some HELOCs require the borrower to pay off the principal in a lump sum payment after the draw period.
  • Adjustable Rate Mortgages
    Adjustable Rate Mortgages feature a low fixed rate for a set period of time at the beginning of the loan.  After the introductory period, the interest varies based on different index rates, typically those on US treasury securities.  The interest rate is adjusted on a fixed schedule, every 6 or 12 months, for the life of the loan.  Adjustable rate mortgages usually feature a cap that limits the maximum monthly payment and increases in the adjustable interest rate.  These caps are in place to protect borrowers from drastic fluctuations in the economy.
  • 40yr Loans
    Longer loans allow the borrower to receive a larger loan because the repayment schedule makes the monthly payment amount much lower.  However, this leads to a larger interest bill which can drastically affect the overall repayment cost of the loan.

All of these products have various guidelines and restrictions which accompany them. Here is a short list:

  • Loan amounts: Loans under $417,000 are Conforming. Loans over $417,000 are Jumbo.
  • Credit Grades: All programs have credit score guidelines. You will hear the labels “A,B,C,D” loans or “Prime and Sub Prime” loans.  Interest rates and loan terms are adjusted to fit the borrower’s qualifications including credit scores.
  • Cash: The greater amount of money you can put down on your purchase or the more equity you have left in your home when you refinance, the better the rates and terms. You can usually borrower 100% of the homes value if you have the credit and income to support the payments.
  • Income: Proving you have the income to support paying your debts will again get to better rates and terms. Loan programs are available with little or no proof of income but they have accompanying higher rates. Such loans are more available to individuals with good credit as it is generally assumed that borrowers with good credit know what they can afford.
  • The marketplace is filled with a variety of products from the very simple to the complex. We suggest that you speak with a mortgage professional who can guide you to the right program for your personal and financial requirements.
  • Seconds: Seconds are separate loans and are subordinate to the first mortgage. Seconds come in all forms similar to first mortgages.
  • Debt Consolidation Loans: These are refinance loans which encumber some of the equity in your property in order to pay off some shorter term, higher payment debts like credit cards.
  • Many individuals use Debt Consolidation Loans to improve their credit scores and then obtain a low rate first mortgage which helps them in the long term. You should consult one of our mortgage professionals before choosing a program.