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Our Loan Programs
We are proud to offer a broad array of mortgage loans to meet the needs of most every borrower. Your loan officer can help you identify the program that best fits your unique financial goals. Our loan programs include:
A loan in which the interest rate on the note remains the same for the entire term of the loan, typically for 15 to 30 years. Unlike loans where the interest rate may change periodically, your principle and interest payment will not fluctuate with a fixed rate loan. However, the escrowed portion of the payment may change due to changes in taxes and homeowners insurance rates.
A loan in which the interest rate on the note is periodically adjusted resulting in monthly principle and interest payments that also adjust.
The interest rate for the loan is often based upon a market index, and payments may become either higher or lower based upon market conditions affecting the index at the time of the change. These interest rate changes are often ‘capped’ to limit adjustments both periodically and over the life of the loan.
A jumbo loan may be called for when you need a loan amount higher than the conventional conforming loan limits set by Fannie Mae and Freddie Mac.
A mortgage loan insured by the Federal Housing Administration which provides a variety of benefits for buyers, especially first time buyers, those without large down payments or using gifts for down payments and closing costs, or those with credit challenges. Options typically include 15- and 30-year fixed rate loans or a 3/1 Adjustable Rate Mortgage.
A mortgage loan guaranteed by the U.S. Department of Veterans Affairs that makes it possible for eligible veterans and active-duty military personnel to finance 100% of a home’s purchase price with $0 money down and without having to pay Private Mortgage Insurance. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.
The VA program offers 30-year fixed rate, assumable loans, and the program allows the seller to pay up to 4% of the buyer’s closing costs, including pre-paids such as property taxes, insurance, and homeowner association dues.
Our Loan Process
Whether you are buying your first home or your dream home, we will work
together from start-to-finish to ensure your loan experience is a
positive one.
Pre-application
• Review financial and personal goals
• Establish purchase price and estimated monthly payments
• Order and review credit report
• Discuss loan options
• Prepare for loan application and discuss items you will need to provide
Locate your New Home
• Begin house hunting
• Negotiate purchase agreement
• Order home inspection if desired
• Shop for Homeowners Insurance
Application
• Provide your with a Good Faith Estimate and Truth In LendingProcessing
• Complete loan application and provide necessary documentation
• Order AppraisalUnderwriting
• Order file with Title Company
• Determine if Flood Insurance is required
• Set tentative closing date
• Continue keeping you and your agent informed
• Underwriter evaluates documents for loan approvalPreclosing
• Check over data for consistency and integrity
• Can request additional information, if deemed necessary
• Satisfy any final underwriting conditionsClosing
• Finalize Homeowners Insurance and, if required, Flood Insura nce
• Review Termite Certificate, if required
• Provide Borrower with amount of Cashiers Check needed for closing
• Verify closing time and date with Title Company
• Review Settlement Statement (HUD-1) and monthly payment
• See you at the closing table!
