Conventional Fixed-Rate Loans

Get the security of knowing year-after-year exactly what your mortgage payment of principal and interest will be.  With a fixed rate mortgage, with terms of 10, 15, 20, 30 and 40 years, your interest rate and payments are set for the life of the loan.  Your property taxes and homeowner's insurance may change over time, but your principal and interest payments will remain unchanged.

VA loans

A loan program to benefit veterans of the armed services, those currently in the service or reserves, and their spouses.  It is possible to obtain a VA loan with no money down.

1-, 3-, 5- and 7-year Adjustable Rate Mortgages (ARMs)

If you think interest rates will remain relatively stable, expect you income to increase over the next few years, or expect that you might move within the next few years, and ARM might be for you.  The interest rate on these loans fluctuates periodically in response to changing market conditions.  As the interest rate fluctuates, your mortgage payment will be adjusted up or down.  Rate and payments adjust at the end of 1, 3, 5 or 7 years, and every year thereafter.  ARMs come with an adjustment cap, giving you the security of knowing that your rate can never go above a certain level.

Another advantage of an ARM is a lower initial interest rate (as compared to fixed rate products).  The initial rate on a 1-year ARM is typically 1-3 percentage points below conventional fixed rate loans.  This lower interest rate and lower initial monthly payment may enable you to qualify for a larger home loan.

5- and 7-year Balloons

Balloon loans are designed to save borrowers thousands of dollars in monthly payment if they plan on living in their homes for a relatively short time.   These plans offer fixed interest rates below 30- or 15-year fixed-rate programs.   Payments are based on a conventional 30-year loan payment schedule that "balloons" in 5 or 7 years (in other words, the unpaid balance of the loan is due in full).  In many cases, customers have the option to refinance the balloon payment before it is due.

Documentation Options

With each of these four options the interest cost of the mortgage gets progressively higher with the less documentation provided. 

Full/Alternative Documentation

Full verification of all income and assets.

No Income Verification

This program eliminates the need to verify income.  With this program,  income is stated on the application but not verified.  Generally, 3 to 6 months bank statements showing adequate deposits are required to substantiate the income, but the sources and verification of employment are not required.

No Ratio Program

The No Ratio Program is offered for those Borrower with a strong asset base, steady employment, and who meet the definition of perfect credit.

No Income No Ratio

This program is intended for Borrowers with perfect credit.  Income, assets and employment are not stated on the loan application nor are they verified.