We offer several mortgage options in order to meet your needs: Fixed rate mortgages: 40, 30, 25, 20, 15, and 10 year loan options. Interest rate will remain the same (fixed) for the full term of the loan. Adjustable rate mortgages (ARMs) Interest rate is set for a period of time and then adjusts throughout the remaining term of the loan at scheduled time periods based on market rates. The rate is generally lower than a fixed rate mortgage. Balloon mortgages Interest rates and monthly payments are fixed for a determined time period, e.g., seven years, after which the entire balance of the loan is due. At that time, you can either pay off the loan or arrange for a new mortgage. Construction loans If you are building a new home, you may need a construction loan during the building phase. Once your home is completed, a permanent mortgage loan is necessary. Jumbo mortgages Loans over $417,000; interest rates may be a little higher with this type of loan. Interest-only loans Principle payment is not required for a determined number of years. 100% loans Downpayment is not required. No-Doc loans Verification of income or assets are not required; your credit history is a key factor with this type of loan. Stated income loans Income is not verified; your credit history is a key factor with this type of loan. Combo Loans Sometimes referred to as the "80-10-10", "80-15-5", "75-15-10", or "80-20" mortgage combinations. For example, with an "80-10-10" you make a 10% down payment, have a first mortgage that takes care of 80% of the sales price and the remaining 10% is then paid for with a second mortgage. The first mortgage can be any variety of conventional, jumbo, fixed rate, or ARM. The first and second mortgages are processed and closed at the same time. The benefit is that you can avoid jumbo financing which often carries a higher interest rate as well as private mortgage insurance. Government Loans (VA and FHA) These loans are insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U. S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Alt-A Loans Non-traditional underwriting and processing guidelines such as limited documentation (asset and income) and expanded debt-to-income ratios. Credit history is a key factor with this type of loan. As we review your unique situation, we can determine which option is best for you. If you would like to complete the initial prequalification, click here.

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