What We Do
Conventional Loan
- Conventional loans are mortgage loans offered by non-government sponsored lenders. These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Combination (Hybrid) Loans (Rate is Fixed for a set period, typically 3, 5, or 10 years, then the rate becomes adjustable for the remain term of the loan)
- Balloon Mortgages and Pledge Asset Loans
- Jumbo / Construction Loans
Conforming Loans
- Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.
Jumbo Loans
- Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes.
Fixed Rate Mortgage
- A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
- Approximately 29% lower monthly payments than a 15 year fixed rate mortgage
- Interest rate is fixed and does not go up even if the market interest rates go up
- Payment does not go up, it stays the same for 30 years
FHA Loans
- FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
- Balloon Mortgages and Pledge Asset Loans
- Jumbo / Construction Loans
FHA loans are an attractive option, especially for first-time homeowners:
VA Loans
- Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.
Here’s how it works:
Reverse Mortgage
- Your retirement years should be spent without financial worry. So if you’re 62 years of age or older, now may be the time to consider a reverse mortgage to unlock the wealth you’ve built up under your own roof. And you can do it while still living in your home and remaining the owner! My role is to help you understand how a reverse mortgage works, help you to determine whether it’s right for you, help you through the loan process, and answer your questions. Contact me today for a free consultation. I’ll help you understand how to turn your home equity into income.
