Conventional

Any mortgage loan other than a VA or a low down payment government loan. A conventional loan may be conforming (within Fannie Mae/Freddie Mac guidelines) or nonconforming (jumbo).

Jumbo (Nonconforming)

A loan amount that exceeds the limits permitted by Fannie Mae or Freddie Mac (current limit: $417,000). Jumbo Loans are purchased by investors other than Fannie Mae or Freddie Mac, and generally you will pay a higher interest rate for this type of loan than that of a conforming loan. The general rule of thumb is the higher the amount of the loan, the more down payment is required. These types of loans can also be a Fixed or Adjustable product.

Adjustable Rate (ARM)

This type of mortgage generally starts out with an interest rate lower than a fixed-rate loan. This saves you money early on and may help you qualify for a more expensive home. However, your rate is tied to a market index. As the index goes up or down, your payments will also change at each scheduled adjustment period. There are "rate caps" to limit the amount your mortgage can go up or down.

Fixed Rate

The most popular type of mortgage. The interest rate will remain the same for as long as you have your loan. If you expect to live in your home for many years, having the same interest rate may be your main concern. If you decide that you like the stable, predictable payments of a fixed rate loan, you may choose from several different terms. Typically, the longer the term of the loan, the more interest you pay over the life of your loan. However, a longer repayment term means your monthly mortgage payments will be less than they would be with a comparable shorter-term loan.

Low down payment government Loans

Low downpayment government loans are designed to help borrowers who might not qualify for conventional mortgages. FHA loans feature unique benefits such as a low down payment. There are no income limits for borrowers applying for FHA loans and no reserves are required either. Cash out refinance up to 95% is available. FHA Secure refinance program is available to assist home owners in difficult times to avoid foreclosure.

Refinancing

The repayment of a debt from the proceeds of a new loan using the same property as security.

Streamlined 203k program

Allows you to finance up to $35,000.00 of home repairs or improvements into your mortgage whether you are buying or refinancing.

USDA Rural Housing program

United States Department of Agriculture Rural Housing Program is available for you if you plan to purchase a home located in a community of less than 20,000 of population or other USDA approved area. This loan program features fantastic benefits like competitive rates, no PMI (private mortgage insurance), option to include closing costs, title services, legal fees in the loan amount, loans may be up to 100% of property value. There is no maximum loan amount and no reserve requirement. You are eligible for this loan program if your adjusted gross income does not exceed the moderate income limit established for the area and you plan to purchase your primary residence only.

VA Lending

These loans are intended to encourage lenders to offer veterans mortgages with more favorable terms. VA mortgages can be used to buy, build, improve or refinance a home. These mortgages are often made without any down payment at all and frequently offer lower interest rates than are ordinarily available with other kinds of mortgages. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different from any other type of mortgage.

Our Process

Establishing Our Relationship and Helping You Get Organized

Our first meeting is an opportunity for us to get to know you better, answer the questions you have about the financial aspect of your real estate transaction and make you aware of the variety of programs we can access to help you achieve your goals. We will also provide you with a list of documents that you will need to gather in order to move forward with the approval process.

Getting Qualified

The first step in applying for a loan is typically pre-qualification. This serves as a good indication of your general creditworthiness to potential sellers and can be done quickly. It includes verification of your credit, income, assets and liabilities. This will help you determine how much you can afford to spend on a home and put you in a stronger position for negotiating and help you close more quickly.

Assessing Loan Program and Rates

We will help you sort through a variety of loan programs and rates to find a loan that fits your needs. We will begin by assessing the length of time you intend to keep the loan. Next, we will help you understand the relationship between rates and points. Together, we will discuss the amount of risk you are willing to take to achieve your real estate goals.

Obtaining Loan Approval

When you submit your application for a loan, we and our lenders are actually verifying and determining: Your income and the stability of your employment; the amount of other debts you currently have; the affordability of your new mortgage payment; the source of your down payment; analyzing your past credit history; and the value of the property you would like to purchase or refinance.

Within 3 days, you will receive a Good Faith Estimate and a Truth-in-Lending Disclosure. These documents will itemize the rates and mortgage fees associated with your loan, including inspections, title insurance and taxes.

Closing the Loan

After your loan is approved by our lender, we will review the details to make sure you feel confident about the financial commitment you are about to make. At this time, we will address all of your final concerns and schedule a closing date with a title company.

At closing, you will sign the paperwork to take ownership of your home if you are purchasing or transfer your home loan if you are refinancing. You will receive a settlement statement that details all of your expenses in the transaction, as well as how your loan proceeds were distributed. You will also receive a title policy that insures your ownership of the property.

Staying in Touch

Going forward, we will keep you informed of new programs and changes that may impact your real estate financial position. As your real estate and financial concerns evolve, we would appreciate the opportunity to work with you to adjust your loan to reflect your changing needs.