Our Products
Financing Options
We take pride in being an equal opportunity lender, dedicated to helping our clients purchase or refinance primary residences, secondary or vacation homes, and investment or rental properties. Our commitment to quality service is paramount, and we offer our products without regard to race, color, religion, national origin, sex, handicap, or familial status.
Conventional Loans
Conventional loans, also called conforming mortgage loans, are suitable for borrowers with good credit scores and must adhere to the guidelines set by two government-sponsored enterprises: Fannie Mae and Freddie Mac. These loans offer fixed terms of 10, 15, 20, 25, and 30 years, providing a range of options to fit different financial plans. Additionally, some lenders may allow borrowers to select a custom loan term between 8 and 30 years, offering further flexibility to meet individual needs and financial goals.
'We offer all kinds of buydown programs for Purchases'
Rate and Term Refinance loans
Rate and term refinancing is often chosen for several key reasons. Borrowers may opt to reduce their loan term from a longer to a shorter period to save on interest payments, even though this might increase their monthly payments. Additionally, refinancing can be beneficial if a borrower had initially secured their loan with a poor credit score but now has an improved score, enabling them to secure a lower interest rate and reduce their monthly payments. Another common reason for refinancing is to eliminate or reduce mortgage insurance (PMI) if the property's appraisal value has increased significantly, allowing the borrower to achieve 20% equity in the home or reduce the loan-to-value ratio (LTV). Conversely, increasing the loan term can help lower monthly payments if the borrower's financial situation has changed, though this may result in higher overall financial charges for the loan. Lastly, switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage as the adjustment period approaches can help avoid the risk of a significant rate hike.
'We offer NO CLOSING COST options also'
Cash-out loans
Cash-out loans, or cash-out refinances, allow homeowners to convert their home equity into cash by refinancing their existing mortgage for a higher amount than they currently owe, taking the difference in cash. This type of loan is useful for funding home improvements, debt consolidation, education expenses, or other financial needs. In a cash-out refinance, the new loan replaces the original mortgage, and the borrower receives the excess amount in cash. While it provides access to funds, it also increases the loan balance and potentially the monthly payments, depending on factors like the new interest rate, credit score, and loan-to-value ratio (LTV). Borrowers should weigh the costs and benefits to ensure it aligns with their financial goals.
ARM Loans
An Adjustable-Rate Mortgage (ARM) loan features an interest rate that changes periodically based on a benchmark index after an initial fixed-rate period, which can range from one month to several years. The initial rate is typically lower than that of a fixed-rate mortgage, offering lower initial payments, but the rate can increase or decrease over time, leading to potential fluctuations in monthly payments. ARMs often include rate caps to limit the extent of these changes. While ARMs can be advantageous for borrowers planning to sell or refinance before the adjustment period, or those expecting stable or decreasing interest rates, they also carry the risk of higher future payments.
Jumbo Loans
Jumbo loans are a type of mortgage designed to finance properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, which is currently $766,550 in most areas of the United States but can be higher in certain high-cost regions. These loans are typically used for luxury homes or properties in competitive real estate markets. Since jumbo loans are not backed by these government-sponsored enterprises, they carry a higher risk for lenders, often resulting in stricter credit requirements, larger down payments, and higher interest rates compared to conforming loans. Borrowers must demonstrate strong financial health, including a high credit score, low debt-to-income ratio, and substantial cash reserves to qualify for a jumbo loan.
Piggyback loans
Piggyback loans, also known as 80-10-10 loans, are a financing strategy where a borrower takes out two mortgages simultaneously to purchase a home, often to avoid paying private mortgage insurance (PMI). The first mortgage typically covers 80% of the home's purchase price, the second loan (a home equity loan or line of credit) covers 10%, and the borrower makes a 10% down payment. This arrangement allows the borrower to reach the 20% equity threshold, thereby bypassing PMI, and can also help in securing better loan terms. However, piggyback loans require careful consideration of the interest rates and terms of both loans, as managing two simultaneous mortgages can be complex and may not always be cost-effective in the long run.
FHA Loans
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), designed to help lower-income and first-time homebuyers qualify for homeownership. FHA loans offer more lenient credit requirements and lower down payments compared to conventional loans, often as low as 3.5% of the purchase price. These loans are available through FHA-approved lenders and are particularly beneficial for borrowers with lower credit scores or limited savings. However, FHA loans require borrowers to pay both an upfront mortgage insurance premium (MIP) and ongoing monthly mortgage insurance, which can increase the overall cost of the loan. Despite these additional costs, FHA loans provide a valuable pathway to homeownership for many individuals who might not otherwise qualify for conventional financing.
VA Loans
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) and are available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. These loans are designed to offer favorable terms, including no down payment, no private mortgage insurance (PMI), and competitive interest rates. VA loans also have more lenient credit requirements compared to conventional loans, making them accessible to a broader range of borrowers. Additionally, the VA imposes limits on the fees that lenders can charge, providing further protection for borrowers. The primary benefits of VA loans are the reduced financial barriers to homeownership and the support provided by the VA to ensure successful homeownership for those who have served in the military.
Bank Statement Loans
Bank statement loans are a type of mortgage designed for self-employed individuals or small business owners who may not have the traditional income documentation required for a conventional loan, such as W-2 forms or tax returns. Instead, lenders use the borrower's bank statements—typically from the past 12 to 24 months—to verify income and assess their ability to repay the loan. This approach provides flexibility for those with variable or non-traditional income streams. While bank statement loans offer an alternative path to homeownership for self-employed borrowers, they often come with higher interest rates and more stringent credit requirements to offset the increased risk to lenders.
