Available Loan Products

THE MOST COMMON PROGRAMS AVAILABLE TODAY ARE:

30 Year Fixed Rate Program
30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional and jumbo loans.

15 Year Fixed Rate Program
A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional and jumbo loans.

1, 3, 5, 7, 10 Year Adjustable Rate Loan Programs
An Adjustable Rate Mortgage (ARM) is a mortgage loan that is most widely known for its low starting interest rate (when compared to the 30 & 15 year mortgage loans). This 'low' introductory rate is used to calculate the mortgage payment for a specified period of time. Once this introductory period is over, the interest rate is adjusted periodically based on a preselected index. The most commonly used index is the yield on the one-year Treasury Bill. The new interest rate is determined by adding this index to a set margin (which is determined by the lender).

Jumbo Loan Programs
A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac (currently $300,700). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors).

5/25, 7/23 Balloon Programs
A balloon mortgage loan is a type of mortgage loan that has a short term (typically 5 or 7 years), but the monthly payment is computed using a 30 year term.

Let us help you through this complex world and advise you on the best solution for your unique situation and individual needs! Call today for a Free Rate Analysis and see how much we can help you save! Please contact us at (703) 887-2214