The Application: The key to the loan process. Using verifiable information you provide us, we work to obtain approval of your purchase loan. Ordering Documentation: We order a full credit report, verification of employment verification of funds to close, mortgage or landlord ratings, and any other necessary supporting documentation. If you have a property already identified then an appraisal … [Read more...]
Balloon Loan Program
A Balloon loan is a short-term mortgage that has almost similar features of a fixed rate mortgage. The loans provide a constant payment feature during the specific term of the loan, but as compare to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Interest rate and payment stays the same until the loan is due. Characteristically, the entire loan amount … [Read more...]
Adjustable Interest Rate (ARM) Loan Program
7 year ARM, 5 year ARM, 3 year ARM, 1 year ARM, 7/1, 5/1, 3/1, 1/1 An adjustable rate mortgage (ARM) is a loan with an interest rate that can be adjusted at pre-set intervals. The amount of the adjustment depends on several factors outlined below. Some ARM loans have an initial period when the interest rate is fixed for a period of time 2,3,5,7,or 10 year. After the fixed period the loan converts … [Read more...]