| Conventional 30yr Fixed |
| Conventional 20yr Fixed |
| Conventional 15yr Fixed |
| Jumbo fixed rate mortgage |
| Interest Only Fixed |
| ALT 97 |
| Expanded Approval with Timely Payment Rewards (FM) |
| Fannie 97 (Fannie Mae) |
| Flexible 100 |
| 6 month
Libor, MTA or COFI ARMs |
| Interest only ARMs |
| Portfolio Adjustable Rate Mortgages |
| Treasury 3/1 Arm |
| Treasury 5/1 Arm |
| Treasury 7/1 Arm |
| Treasury 10/1 Arm |
| 7 Year Balloon |
| Jumbo Arms |
| Non-Conforming |
| Reverse Mortgage |
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Conventional 30yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and
the term does not exceed 30 years
Term: 30 years Maximum
Amount: $417,000
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Conventional 20yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and
the term does not exceed 20 years
Term: 20 years Maximum
Amount: $417,000
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Conventional 15yr Fixed
A fully amortizing mortgage where the principal and interest payments are fixed and
the term does not exceed 15 years
Term: 15 years Maximum
Amount: $417,000
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Jumbo fixed rate mortgage
These loans are created for the borrower who needs a loan amount above $417,000.00
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Interest Only Fixed
Interest only fixed rate mortgages allow homeowners additional cash flow savings for other
purchases or expenses. Some people find that the monthly savings is more important to
free them up to do other things. The trade-off is that you will not accrue any equity
when making monthly payments. Call us and ask us more about it.
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ALT 97
Alt 97 mortgages allow for an LTV ratio to 97 percent on a fixed rate, fully
amortizing purchase mortgage with no minimum down payment required from Borrower Funds.
Term: 30 years Maximum
Amount: $417,000
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Expanded Approval with Timely Payment Rewards (FM)
Expanded Approval helps borrowers with less-than-perfect credit buy the home they need
and want at a competitive interest rate. The Timely Payment Rewards® feature gives
qualifying borrowers an interest rate reduction of up to one percent after making timely
mortgage payments for a specified period. And with a hybrid ARM feature also available,
the borrower can have lower payments for the first 5, 7 or 10 years, after which time
the interest rate adjusts annually.
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Fannie 97 (Fannie Mae)
Fannie 97® is ideal for the home buyer who has enough income to handle monthly mortgage
payments, but is experiencing difficulty accumulating cash for the down payment. It only
requires a 3 percent down payment from the borrower's own funds, and the borrower only
needs to have one month's mortgage payment in cash savings, or reserves, after closing.
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6 month Libor, MTA or COFI ARMs
This is an adjustable rate mortgage, with rate adjustments every six months.
This type of mortgage combines with
other features make very powerful
loan options for the right client |
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Interest only ARMs
Interest only adjustable rate mortgages allow homeowners additional cash flow savings for
other purchases or expenses. Some people find that the monthly savings is more important to
free them up to do other things. Call us and ask us more about it.
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Portfolio Adjustable Rate Mortgages
This is a loan product to a borrower
that requires less documentation.
Consider the merits of an adjustable 1
month, 6 month ARM ETC. We can now combine these adjustable
rate features with interest only features too. Call us to discuss the possibilities
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Treasury 3/1 Arm
An adjustable rate mortgage with a fixed-rate for 3 years, and
adjusts annually rate thereafter.
Index: 1-Year Constant Maturity Treasury
Initial Adjustment Cap: 2%
Periodic Cap: 2%
Lifetime Cap: 6%
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Treasury 5/1 Arm
An adjustable rate mortgage with a fixed-rate for
5 years, and adjusts annually rate thereafter.
Index: 1-Year Constant Maturity Treasury
Initial Adjustment Cap:
2%
Periodic Cap: 2%
Lifetime Cap: 5%
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Hybrid Treasury 7/1 Arm
An adjustable rate mortgage with a fixed-rate for
7 years, and adjusts annually rate thereafter.
Index: 1-Year Constant Maturity Treasury
Initial Adjustment Cap:
2%
Periodic Cap: 2%
Lifetime Cap: 5%
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Hybrid Treasury 10/1 Arm
An adjustable rate mortgage with a fixed-rate for
10 years, and adjusts annually rate thereafter.
Index: 1-Year Constant Maturity Treasury
Initial Adjustment Cap:
2%
Periodic Cap: 2%
Lifetime Cap: 5%
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7 Year Balloon
The seven year balloon is ideal for someone staying in their home for seven or less years.
The rate is more attractive than a 30 year fixed. It is fixed for the seven year period
and then the loan balance is due, or payable in full to the lender, with a
refinanceable 23-year fixed-rate mortgage (FRM), provided certain conditions are met.
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Jumbo Arms
This product will allow you to save interest money during the initial fixed period.
As with the conventional loan amounts many different Arm products are available.
Maximum Amount: $2,500,000
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Non-Conforming or Product for
those with less than Perfect Credit
There are Non-Conforming products
available. These products serve the
borrower who has less than perfect
credit.
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Reverse Mortgage
Fannie Mae offers three reverse
mortgages to help homeowners 62 and older convert
their home equity into cash and remain in their
homes for life.
The Home Keeper Mortgage is
Fannie Mae's adjustable-rate conventional reverse
mortgage. The amount available is based on three
factors: the number of borrowers, the ages of the
borrowers, and the adjusted property value. Anyone
62 years or older who either owns his or her home
free and clear, has very low mortgage debt, and
occupies the property as his or her principal
residence is eligible.
Home Keeper for Home Purchase is a variation of this reverse mortgage product that gives homebuyers 62 and older additional flexibility not available through standard first mortgage financing. This product allows borrowers to purchase a new home without using all of their personal resources to fund the purchase, and they will have no monthly mortgage payments.
HUD's Home Equity Conversion Mortgage (HECM) is
the third option for homeowners 62 and older to tap the equity in their homes, while giving them other options to address their particular housing needs. This
is a FHA loan product
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