Mortgage Loans
Construction Financing
Construction financing serves to fund the development of a new structure. Whether you’re eyeing the construction of a new family home or planning a commercial property, we specialize in tailoring lending solutions to your needs. Each financing package is as distinctive as the property you aim to construct.
Equity Release Loans
Equity release loans involve obtaining a new loan against a property already under mortgage, leveraging the equity you’ve accrued as collateral. Typically earmarked for consolidating medical or consumer debts, launching a business, or financing education, equity release loans require careful consideration. Contact us directly if you’re exploring this option. Most states impose restrictions on borrowing against home equity. Interest rates on such loans generally surpass those of conventional loans.
Fixed-Rate Mortgages
A prevalent option, fixed-rate mortgages feature a consistent interest rate throughout the loan term, ensuring stable monthly payments. While a customary 20 percent down payment is often expected, it’s not always mandatory. Reach out to us for specifics on down payment requirements. Available terms typically span 10, 15, 30, and 40 years.
Variable Rate Mortgages
Variable rate mortgages recalibrate interest rates annually based on market dynamics, thereby adjusting monthly payments accordingly. Despite usually offering lower initial rates compared to fixed-rate options, interest rates on variable rate mortgages may escalate over time. Hybrid ARMs, such as 10/1, 7/1, 5/1, and 3/1 programs, provide diverse alternatives. For further insights on adjustable rate mortgage loans, get in touch with us.
Jumbo Financing
Jumbo financing, or non-conforming loans, encompass any home loan exceeding $417,000. Jumbo loans offer analogous programs to fixed and variable rate mortgages, including FHA jumbo loans. Notably, interest rates on jumbo loans tend to be higher due to increased risk for lenders. To delve deeper into jumbo financing, reach out to us today.
Mortgage Refinancing
Homeowners seeking to lower their interest rates may contemplate mortgage refinancing. This entails securing a new mortgage loan, utilizing the funds to settle the original mortgage, and adhering to the terms of the new mortgage. Depending on your circumstances, refinancing could prove advantageous, potentially reducing your interest rate, transitioning from a variable to a fixed-rate mortgage, and occasionally shortening your loan term.
FHA Financing
FHA loans, insured by the federal government, cater to borrowers lacking sufficient funds for a conventional 20 percent down payment, requiring only 3 percent down to qualify. Borrowers opting for FHA loans must factor in mortgage insurance, slightly augmenting their monthly payments. Lenders offering these loans must be HUD-approved. Contact us today to ascertain if an FHA loan aligns with your needs.
Reverse Equity Loans
Reverse equity loans, exclusively available to homeowners aged 65 or older, provide either a lump sum or monthly installment payments. After the loan term elapses, ownership of the house transfers to the lender, or the property can be sold to settle the debt. Ideal for seniors seeking enhanced monthly income, reverse equity loans offer viable options. For comprehensive information, connect with us.
VA Financing
Similar to FHA loans, VA financing entails private loans backed by the federal government, exclusively accessible to qualified military veterans and their families. These loans are reserved for primary residences and are subject to a $417,000 loan ceiling. For eligibility criteria pertaining to this loan program, reach out to us today.