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MORTGAGE / HOME LOAN OPTIONS

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Conventional/Conforming Loans

The term "Conforming" means the borrower's qualifications conform to FHLMC or FNMA Underwriting Guidelines. Conforming loans are the most common type of mortgage. Conforming loans offer borrowers the lowest rates and best terms. With down payments of less than 20%, conforming mortgages usually are insured by private mortgage insurance companies (PMI).

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Government issued mortgages

Borrowers who do not meet conforming guidelines may qualify for a VA | FHA | or FmHA loan. The underwriting guidelines are different. This gives borrowers more alternatives to qualify for a loan. These loans are more expensive and have more paper work.

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Non-conforming/conventional

Non-Conforming loans have the most flexible underwriting guidelines. Borrowers who do not or choose not to meet conventional or government guidelines may find a non-conforming loan their best option. Borrowers most likely to need a non-conforming loan are Self-Employed | Have Impaired Credit | Have No Down Payment | Want to Consolidate Debt | Rates will run 1/4 to 2 percent higher than conforming plus 1 to 3 points.

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Equity/Second Mortgages

You as a home owner may want to borrow the equity in your home. Equity is the difference between current appraised value and the current amount that your owe on the property.

Banks typically offer three types of Equity loans:

  1. Line of Credit up to 100% of the equity (Can be used like a checkbook)
  2. Low Equity up to 100% of the equity (You take the whole loan at once)
  3. No Equity up to 125% of the appraised value. (You take the whole loan at once)

Borrowed funds may be use for debt consolidation, home improvement, cash reserves or any other worthwhile purpose. Rates range from 9.5% - 16.50%. (That is a lot of interest!)

We recommend you consider a new first mortgage instead of a second mortgage or line of credit with your bank. With our simplified process, low costs, innovative refinance programs, and the much lower rates this is typically a better financial move!

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