|
| |
Loan Programs
|
|
RealtyAll
Mortgage offers a variety of loan programs to fit your
home purchase or refinancing needs:
We also offer loans for the following situations:
- First Time Home Buyers
- Bad Credit, No Credit, Credit Repair
- Refinance
- Debt Consolidation
- Rehabilitation/Renovation
- Investment Property
- Construction Loans
- Builder Land Acquisitions
- Mobile Home Loans
- Commercial Real Estate up to $25 Million Nationally
Apply For A Loan
You can apply for a loan online today! Click
here to apply.
¡¡
|
|
|
A fixed mortgage is a type of mortgage
loan that is repaid by the borrower making equal monthly payments over a
specified period of (30, 20, 15,& 10, 5) 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.
¡¡
- 30 Year Fixed
A 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, jumbo, FHA and VA loans.
- 15 Year Fixed
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, jumbo, FHA and VA loans.
- 10 & 20 Year Fixed
Generally less commonly used than the 30 and 15 year programs but
offers the borrower additional choices dependent upon their
financial condition and financial objectives.
|
|
|
| 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. After this introductory period , the interest
rate is adjusted periodically based on a preselected index.
The most commonly used index is the yield on the one-year U.S.
Treasury Bill. The new interest rate is determined by adding this index
to a set margin (which is determined by the lender). Although there are
a variety of adjustable rate mortgage programs available,the most common
program is the One Year Adjustable Mortgage (one Year ARM), which is
available for conventional, jumbo, FHA loans.
The interest rate on the one year ARM is adjusted once each year for
30 years. APR's on variable rate loans are subject to increase but may
decrease from year-to-year, the borrower should be prepared to handle an
increase in his/her monthly payment (should the index rate increase).
|
|
|
15 & 30 Year FHA Loans
An FHA mortgage loan is insured by the Federal
Housing Administration (a division of the Department of Housing and
Urban Development (HUD)). Although mortgage lenders provide the mortgage
funds, the FHA sets underwriting standards for approving applicants. In
many cases, FHA underwriting guidelines are more lenient than
conventional (not government insured or guaranteed) underwriting
guidelines. This leniency makes it easier for borrowers to qualify for a
mortgage loan (low down payment requirements and a higher monthly debt
allowance). FHA limits the types of loan programs it insures, but it
will insure the more popular 30 year fixed, 15 year fixed and one year
adjustable loan programs. However, borrowers are limited to the amount
that they can borrow using an FHA-insured mortgage. Applicable loan
limits differ by county, so contact Source Financial Services for
specifics.
15 & 30 Year VA Loans
A VA mortgage loan is a mortgage loan that is guaranteed by the Department
of Veterans Affairs (DVA). One of the biggest advantages of using a
VA loan is that the borrower can finance the purchase of a property with
no money down. However, VA loans are restricted to individuals qualified
by military service. The DVA will guarantee the more popular 30 year
fixed and 15 year fixed programs.
If a you believe that you may be eligible for a VA loan, the best
place to find out is at the VA's Home Loan web site at www.va.gov/vas/loan/
and to also contact a local VA office. If one is not sure where to
obtain the phone number, calling 1-800-827-1000 will give the phone
number of the nearest office.
|
|
|
| A jumbo mortgage is a mortgage loan which
is larger than the limits set by Fannie Mae and Freddie Mac ($240,000 as
of 1/1/99). 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). |
|
|
| 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. When a borrower uses a
balloon loan, he/she will make the monthly payment for the scheduled
loan term (5 or 7 years). When this loan term is over, the borrower is
required to pay off the remaining balance in one lump-sum payment. If
the borrower decides not to sell the property after the loan term is
over, the borrower has the option to refinance the mortgage with a new
one. A 7/23 balloon mortgage gives the borrower the option to convert to
a fixed rate program (for a nominal fee) after the initial term (7
years) is over. If the conversion feature is used, the interest rate for
the remaining term of the loan (23 years) will be adjusted once to
reflect market conditions, then remain fixed for the remainder of the
loan term. |
|
|
Home Equity Loans offer you a low-cost
way of financing your goals. Home Equity Loans can be used for:
- Consolidating bills,
- Vacation plans,
- Funding college for you or your kids or
- Financing a major purchase or investment
- Home Projects
Your home can even provide the funds you need to purchase your next
automobile. Best of all, your interest in home equity loans is often
tax-deductible - check with your tax professional!
You can apply online, e-mail us
or call us at 206-228-4989
|
|
|
Locks:
-
15, 30, 45 & 60 Day Locks
-
Extended Locks for 90, 120, 180, 270 & 360 Day Locks
-
Lock & Shop - Lock the rate before you find a home
And:
-
Non-Conforming Condo
- 100% Financing 80% First mortgages & 20% Second
mortgages NO PMI!
- No Income Verification Loans
- No Asset Verification Loans
- No Ratio loans
- Foreign National Mortgages
- Portfolio Products
- Construction Loans with one time closing
- Bridge Loans
|
¡¡
|
