HOME LOANS - Financing the American Dream

Obtaining a home loan is very different, and sometimes much easier, than it was not very many years ago. There are so many varieties of mortgages that it seems that there is a program with each individual's name on it.

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The following are some of the types of loans that may fit your situation.

1. First-time Buyer Several programs are tailored especially for those buying their first home - usually anyone who has not owned a home within the last three years. There are many other programs, that while not directed specifically at the first-timer, also work very well for that person or family.
   
   
2. No Down Payment No down payment loans with no mortgage insurance¹ are available on a purchase price up to $750,000, higher in some cases. Many buyers with less-than-perfect credit and marginal income can often buy a home with NOTHING DOWN!
   
   
3. VA Loans Special situation loans for qualified veterans permit the eligible veteran to purchase a personal residence with no down payment and the property seller may pay all closing costs. As there are many details to these loans it is best to contact us to discuss your situation.
   
   
4. No Income Verification With a reasonable credit history and proof of employment, many people can now own a home WITHOUT VERIFICATION OF EARNINGS. And, it is often possible to do this with NO DOWN PAYMENT as well. These loans work well for self-employed buyers or anyone who has the ability to make loan payments but who has trouble substantiating all income.
   
   
5. Interest-Only Loans Since property taxes and mortgage interest (but not the loan principal²) are typically the only tax deductible items on your own residence, many homeowners now choose mortgages where they pay only interest (no principal.) The interest-only option is available with most of our loan programs.
   

   A practical example of how this works:
   Loan Amount $400,000	Interest Rate 6%
   Principal & Interest Payment $2400.00	Interest Only Payment $2000.000	Monthly Savings $400.00

   
   No equity³ is built through paying down the loan balance, but housing values have risen so quickly in most areas that many homeowners prefer to have the extra $400.00 in their pockets.
   
   
6. "Imperfect Credit" Loans Bad things happen to good people. We have a wide selection of home loans for every level of credit. Talk to us about helping you get headed back in the right direction.
   
   
7. Investor or Rental Property Loans The next step that many homeowners take toward accumulating wealth is buying rental property. While there is, of course, increased responsibility accompanying rental property ownership, the benefits are huge. Among them: building wealth through the increased value of the property, greatly expanded tax benefits (almost every expense related to the property is tax deductible), ability to buy an investment with just a fraction of its cost (down payment), and rental income. Investor loans are available with as little as 5% down payment and are also available with No Income Verification. Also see Apartment and Commercial. (click-on item that takes visitor to Apartment & Commercial)
   
   
8. Equity Loans Borrowing on the equity in your home or investment property is an economical and tax-deductible (subject to IRS limitations) method of supplying yourself with cash for almost any purpose. We can discuss your best borrowing option which includes second mortgage, Home Equity line of credit, or refinancing your first loan.
   
   
9. Everything Else There are many other types of "special situation" loans as well as many variations of the different types of loans discussed above. The help of an experienced and concerned consultant is the best way to find out the best program for your individual need.
   
   Fixed Rates vs. Variable (Adjustable) Rates
   An important part of deciding which mortgage best suits your needs is deciding whether to select a fixed rate or variable rate loan.
   Fixed Rates offer the security of a long-term interest rate and the predictability that goes with that. Although property taxes and homeowner's insurance premiums may increase over the years, the loan payment itself will stay the same.
   Variable Rates typically start lower than a fixed rate and increase over time (although in the last few years many variable rates have actually gone down) with a pre-determined maximum rate.
   
   A program that works well for many homeowners is one that is fixed for an initial period (typically 3, 5 or 7 years) and then becomes variable after that. This program combines some of the best features of fixed and variable programs.
   
   Whatever your situation, property type, or future plans may be, we will work closely with you to tailor a loan program that will help you realize your dreams. Contact us as soon as possible.

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