Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
Portfolio Loan Programs!
We also offer non-traditional (non-QM) portfolio loan programs that allow special circumstances for purchase and re-finance for Primary Residence, Second Homes, and Investment Properties:
- Gift funds allowed (even for investment properties!)
- Interest only option
- Non-warrantable condos
- Asset Depletion
- Loan amounts between $100,000 and $3 million for purchase and refinance
- Major derogatory events (BK, foreclosure) allowed after 4 years and down to 2 years with exceptions
- DTI > 43% and < 50%
- Up to 15 properties financed
- Foreign income and assets allowed with restrictions
- Non-occupant co-borrower allowed
- Projected income without a guaranteed non-revocable contract
- Gaps of employemne toutside of QM requirements (exception basis only)
- Investment purchase transactions using rental income with no lease agreements
- Departure residence excluded from debt-to-income ratio when the property is not listed for sale or leased to rent at the time of the subject transaction
- RSU income allowed
- Bank Statement only (coming soon)