Fixed Rate Mortgage (FRM)
In a fixed rate mortgage, the interest rate is specified within the mortgage contract. The specified interest rate then remains unchanged throughout the life of the loan. We offer 30, 20, 15 and 10 year mortgages at fixed rates.
For loan amounts higher than $417,000, we can provide Jumbo Fixed Rate Mortgages. This is the current amount set by Fannie Mae and Freddie Mac, the two federal agencies that purchase home loans. Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage is a mortgage on which the interest rate, after an initial period, can be changed by the lender. ARM interest rates change periodically, typically in relation to an index and payments go up or down dependent upon the index. Generally the interest rates on ARM products are lower. This means that initially mortgage payments are lower than with fixed rate mortgages. An ARM product could be much less expensive than a fixed rate mortgage over the life of the loan, if rates are consistent or drop. However, if interest rates rise over the life of the loan, there is a risk that the rate will increase. With ARM products home owners assume a lower rate and higher risk.
We offer one, two, three, five and seven year arms. Balloons
A balloon mortgage is payable in full after a period that is shorter than the life of the loan. In most cases, the balance can be refinanced with the current or another lender. On a 5-year balloon loan, the payment is typically calculated over a 30-year period, and the balance at the end of the fifth year must be either repaid or refinanced.
Balloons and ARMs are both riskier than fixed rate mortgages, but in our ever changing economy either of these products may be a good option for you in your financial situation. Interest Only
Payments are interest-only for the first 10 years. Products include 6 mo. ARM (rate and payment adjust at six months and then every six months thereafter), 3/27, 5/25, 7/23, and 10/20. For these products the rate and payments are fixed for an initial period: 3, 5, 7 or 10 years and then adjust every six months after the period end. No Income Verification (NIV)
For some individuals, a no income verification loan can be the best option for the self employed. With this product, income is not verified with the lender; however, assets are disclosed and confirmed with the lender. The assets must meet a standard required by the lender in order to qualify for the loan. If you have recently become self employed but have steady and stable income, this product may be perfect for you.
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