The loan application serves as the primary key to starting the home buying journey. Specifically, mortgage lenders use your verified financial information to secure purchase approvals efficiently. Ordering Required Documentation Lenders order a complete credit report and verify your current employment background. In addition, they confirm your closing funds, mortgage ratings, and rental … [Read more...]
Balloon Loan Program
A balloon loan is a short-term mortgage with fixed-rate features. Specifically, it offers predictable monthly payments throughout its initial loan term. However, unlike a standard 30-year fixed mortgage, a balloon loan does not amortize fully over time. The interest rate and monthly payments remain completely fixed until the final due date. Typically, borrowers must pay off the entire remaining … [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) features an interest rate that changes at pre-set intervals. Specifically, market conditions dictate how much your interest rate adjusts over time. Many ARM programs offer an initial fixed-rate period lasting 2, 3, 5, 7, or 10 years. After this initial period ends, the loan converts into an … [Read more...]